In this post-Thanksgiving special edition of the Convexity Pulse, Kirill Krylov is serving up the 2026 Agency MBS outlook that the team has been preparing alongside our holiday roasts. He breaks down the expected rise in gross mortgage supply, the restrained path for net supply, and the broadening demand picture across GSEs, banks, REITs, ETFs, and asset managers. Taken together, these forces point to an optimistic outlook for the mortgage basis next year. The episode wraps with a look at the 2026 housing market, highlighting modest home price gains, cooling rates, and a gradually improving but still affordability-constrained environment.