Much of the decline in income was tied to the fair value of investment securities as interest rates on mortgages increased during the quarter and spreads widened somewhat.
Deliveries to Fannie Mae and Freddie Mac of mortgages with private MI more than quadrupled from the third quarter, hitting $6.58 billion in the fourth quarter.
The brunt of insurance burdens tied to natural disasters fall on property insurance providers, though private MIs could see an uptick in delinquencies.
“The totality of indicators in recent months suggests that neither aggregate demand in the economy nor inflation pressures eased by as much as was previously expected,” the economic team wrote.
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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