Gold Shines Through Data Blackouts

This week on the Convexity Pulse, Kirill Krylov and Steven Scheerer widen the lens, tackling how the government shutdown’s data blackout is distorting market visibility and mortgage valuations. They explore the global “gold rush” as central banks swap Treasuries for bullion, the potential long-term impact of the Senate’s ROAD to Housing Act on affordability and Ginnie supply, and finish with a technical dive into the paradoxical behavior of Quicken low-loan-balance pools, the MBS trade investors love to hate but can’t ignore.