The mortgage real estate investment trust has suffered large book value declines in the last two years due to widening mortgage-backed security spreads as well as higher funding costs. With Annaly Capital Management's net interest margin improving in the last quarter and short-term inflation expectations implying a cooling of core inflation, I think the central bank could soon push the button and initiate the much-awaited rate-cutting cycle. Annaly Capital Management's mortgage-backed security portfolio is ...