{
 "schema": "undertow.dispatch.v1",
 "latest": "2026-08-12",
 "entries": [
  "2026-08-12",
  "2026-08-11",
  "2026-08-10",
  "2026-08-09",
  "2026-08-08",
  "2026-08-07",
  "2026-08-06",
  "2026-08-05",
  "2026-08-04",
  "2026-08-03",
  "2026-08-01",
  "2026-07-31",
  "2026-07-30",
  "2026-07-29",
  "2026-07-28",
  "2026-07-27"
 ],
 "letters": {
  "2026-08-12": {
   "date": "2026-08-12",
   "generated": "2026-08-12T03:44:55+00:00",
   "headline": "No segment changed tier; funding EROSION persists across a quiet board.",
   "lede": "1 of 9 segments score today; UST, HY, EQUITY, ETF, FX, CN, CRYPTO, BSTOCK still accrue history. The funding overlay reads EROSION. Qualifying measures disagree inside at least one scored cell; every such cell's span is Agent/Desk tier today, because the span would hand back the percentile of a row the free board withholds.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.37,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/5"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "CN",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "22/38",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "22/22",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    }
   ],
   "funding": {
    "regime": "EROSION",
    "note": "regime EROSION (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-08-12, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 5, record hash 75e1ee6cd9935ab380618a7a5a42ee2bbceb40974e82c4fed2b9e1e9dc12fa7d (board content sha256 556ce700f30685b1d2c56bbf1acc6e8110172e3670e43035762214759b5b6554)",
   "free_view_checked": true,
   "story": {
    "schema": "undertow.analytical-story.v1",
    "evidence_contract": "lab-evidence-envelope/v1",
    "id": "liquilens-undertow:2026-08-12",
    "product": "liquilens-undertow",
    "canonical_url": "https://liquilens-undertow.com/dispatch/2026-08-12.json",
    "headline": "No segment changed tier; funding EROSION persists across a quiet board.",
    "dek": "1 of 9 segments score today; UST, HY, EQUITY, ETF, FX, CN, CRYPTO, BSTOCK still accrue history. The funding overlay reads EROSION. Qualifying measures disagree inside at least one scored cell; every such cell's span is Agent/Desk tier today, because the span would hand back the percentile of a row the free board withholds.",
    "beat": "cross-market-liquidity",
    "editorial_class": "watch_note",
    "publication_status": "PUBLISHED",
    "published_at": "2026-08-12T03:44:55+00:00",
    "clocks": {
     "event_time": "2026-08-12T00:00:00Z",
     "source_publication_time": "2026-08-12T03:44:50+00:00",
     "knowledge_time": "2026-08-12T03:44:55+00:00",
     "publication_time": "2026-08-12T03:44:55+00:00",
     "source_publication_status": "OBSERVED"
    },
    "original_contribution": {
     "kinds": [
      "bounded_no_change_record"
     ],
     "statement": "Undertow's contribution is the cross-market disagreement against each measure's own accrued point-in-time history; the underlying market prints are not claimed as exclusive.",
     "exclusive_fact_claimed": false
    },
    "newsworthiness": {
     "score": 25,
     "decision": "watch_note",
     "factors": {
      "stressed_cross_market_tier": 0,
      "within_tier_measure_disagreement": 25,
      "funding_overlay_disagreement": 20,
      "accrued_history_extremes": 0,
      "coverage": 10
     },
     "rule": "full stories require 55 points; ordinary levels remain briefs or watch notes even when the daily dispatch still publishes",
     "prior_comparison": {
      "status": "BOUNDED_PERSISTENCE",
      "previous_date": "2026-08-11",
      "materiality_floor": 0.03
     }
    },
    "claims": [
     {
      "evidence_status": "DERIVED",
      "statement": "IG reads NORMAL.",
      "metric": {
       "label": "IG liquidity tier",
       "value": 0.3682,
       "unit": "within-board score",
       "qualifying_measures": 3,
       "measures_available": 3
      }
     },
     {
      "evidence_status": "DERIVED",
      "statement": "The Seiche funding overlay reads EROSION.",
      "metric": {
       "label": "funding overlay",
       "value": "EROSION",
       "unit": "declared regime"
      }
     }
    ],
    "evidence_braid": {
     "primary_product": "liquilens-undertow",
     "relationships": [
      {
       "product": "seiche",
       "relation": "funding-context-overlay-only",
       "context_only": true,
       "used_in_tier": false,
       "regime": "EROSION",
       "source_url": "https://seiche.info/dispatches/news.json"
      }
     ],
     "cross_product_score": null
    },
    "sealed_call": {
     "attached_to_story": false,
     "status": "SEPARATE_VERIFIABLE_RECORD",
     "record_url": "https://api.seiche.info/undertow/sealed_calls.json",
     "note": "A daily board reading is not silently promoted into a forward call."
    },
    "adjudication": {
     "status": "NOT_ATTACHED_TO_THIS_DAILY_READING"
    },
    "source": "UNDERTOW board 2026-08-12, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 5, record hash 75e1ee6cd9935ab380618a7a5a42ee2bbceb40974e82c4fed2b9e1e9dc12fa7d (board content sha256 556ce700f30685b1d2c56bbf1acc6e8110172e3670e43035762214759b5b6554)",
    "limitations": [
     "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
     "A tier is a deterministic board derivation, not an observed price or a trade signal."
    ],
    "claim_fingerprint": "caf9b021880eed301352eb806dafb851960f85d9a8177cd8b277e8070ada351e",
    "novelty": {
     "status": "BOUNDED_PERSISTENCE",
     "previous_date": "2026-08-11",
     "materiality_floor": 0.03
    }
   }
  },
  "2026-08-11": {
   "date": "2026-08-11",
   "generated": "2026-08-11T21:45:15+00:00",
   "headline": "CRYPTO coverage moves 6/38 to 22/38; funding reads EROSION.",
   "lede": "1 of 9 segments score today; UST, HY, EQUITY, ETF, FX, CN, CRYPTO, BSTOCK still accrue history. The funding overlay reads EROSION. Qualifying measures disagree inside at least one scored cell; every such cell's span is Agent/Desk tier today, because the span would hand back the percentile of a row the free board withholds.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.37,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/5"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "CN",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "22/38",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "22/22",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    }
   ],
   "funding": {
    "regime": "EROSION",
    "note": "regime EROSION (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-08-11, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 25, record hash ba2982afcb8750b0e0a4127ea9435bcf680ca1dd189b71ee2ea543daeb0ab297 (board content sha256 11f63fea61c6f340660f0adeb2871e92c275dc465cac59861953c582c9372975)",
   "free_view_checked": true,
   "story": {
    "schema": "undertow.analytical-story.v1",
    "evidence_contract": "lab-evidence-envelope/v1",
    "id": "liquilens-undertow:2026-08-11",
    "product": "liquilens-undertow",
    "canonical_url": "https://liquilens-undertow.com/dispatch/2026-08-11.json",
    "headline": "CRYPTO coverage moves 6/38 to 22/38; funding reads EROSION.",
    "dek": "1 of 9 segments score today; UST, HY, EQUITY, ETF, FX, CN, CRYPTO, BSTOCK still accrue history. The funding overlay reads EROSION. Qualifying measures disagree inside at least one scored cell; every such cell's span is Agent/Desk tier today, because the span would hand back the percentile of a row the free board withholds.",
    "beat": "cross-market-liquidity",
    "editorial_class": "full_story",
    "publication_status": "PUBLISHED",
    "published_at": "2026-08-11T21:45:15+00:00",
    "clocks": {
     "event_time": "2026-08-11T00:00:00Z",
     "source_publication_time": "2026-08-11T21:45:10+00:00",
     "knowledge_time": "2026-08-11T21:45:15+00:00",
     "publication_time": "2026-08-11T21:45:15+00:00",
     "source_publication_status": "OBSERVED"
    },
    "original_contribution": {
     "kinds": [
      "measurement_coverage_change"
     ],
     "statement": "Undertow's contribution is the cross-market disagreement against each measure's own accrued point-in-time history; the underlying market prints are not claimed as exclusive.",
     "exclusive_fact_claimed": false
    },
    "newsworthiness": {
     "score": 55,
     "decision": "full_story",
     "factors": {
      "stressed_cross_market_tier": 0,
      "within_tier_measure_disagreement": 25,
      "funding_overlay_disagreement": 20,
      "accrued_history_extremes": 0,
      "coverage": 10
     },
     "rule": "full stories require 55 points; ordinary levels remain briefs or watch notes even when the daily dispatch still publishes"
    },
    "claims": [
     {
      "evidence_status": "DERIVED",
      "statement": "IG reads NORMAL.",
      "metric": {
       "label": "IG liquidity tier",
       "value": 0.3682,
       "unit": "within-board score",
       "qualifying_measures": 3,
       "measures_available": 3
      }
     },
     {
      "evidence_status": "DERIVED",
      "statement": "The Seiche funding overlay reads EROSION.",
      "metric": {
       "label": "funding overlay",
       "value": "EROSION",
       "unit": "declared regime"
      }
     }
    ],
    "evidence_braid": {
     "primary_product": "liquilens-undertow",
     "relationships": [
      {
       "product": "seiche",
       "relation": "funding-context-overlay-only",
       "context_only": true,
       "used_in_tier": false,
       "regime": "EROSION",
       "source_url": "https://seiche.info/dispatches/news.json"
      }
     ],
     "cross_product_score": null
    },
    "sealed_call": {
     "attached_to_story": false,
     "status": "SEPARATE_VERIFIABLE_RECORD",
     "record_url": "https://api.seiche.info/undertow/sealed_calls.json",
     "note": "A daily board reading is not silently promoted into a forward call."
    },
    "adjudication": {
     "status": "NOT_ATTACHED_TO_THIS_DAILY_READING"
    },
    "source": "UNDERTOW board 2026-08-11, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 25, record hash ba2982afcb8750b0e0a4127ea9435bcf680ca1dd189b71ee2ea543daeb0ab297 (board content sha256 11f63fea61c6f340660f0adeb2871e92c275dc465cac59861953c582c9372975)",
    "limitations": [
     "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
     "A tier is a deterministic board derivation, not an observed price or a trade signal."
    ],
    "claim_fingerprint": "4e3c6a6a131c8a55c7baa929fe11729ab47a583e28b596ec42817a0759e3ce91",
    "novelty": {
     "status": "FRESH_COVERAGE_CHANGE",
     "previous_date": "2026-08-10",
     "segment": "CRYPTO",
     "before": "6/38",
     "after": "22/38"
    }
   }
  },
  "2026-08-10": {
   "date": "2026-08-10",
   "generated": "2026-08-10T21:45:00+00:00",
   "headline": "Calm rows; the funding overlay reads EROSION.",
   "lede": "1 of 9 segments score today; UST, HY, EQUITY, ETF, FX, CN, CRYPTO, BSTOCK still accrue history. The funding overlay reads EROSION. Qualifying measures disagree inside at least one scored cell; every such cell's span is Agent/Desk tier today, because the span would hand back the percentile of a row the free board withholds.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.37,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/5"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "CN",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "6/38",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "22/22",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    }
   ],
   "funding": {
    "regime": "EROSION",
    "note": "regime EROSION (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-08-10, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 24, record hash ff808779070cb33f202e3e578cdb991bb16dba8e444e7ef11d7045cde16abdaa (board content sha256 05c6022e21977ede1d4dfffc6b80ee190e581d8854dfbf28e12c40152741cd58)",
   "free_view_checked": true
  },
  "2026-08-09": {
   "date": "2026-08-09",
   "generated": "2026-08-09T21:45:23+00:00",
   "headline": "Calm rows; the funding overlay reads EROSION.",
   "lede": "1 of 9 segments score today; UST, HY, EQUITY, ETF, FX, CN, CRYPTO, BSTOCK still accrue history. The funding overlay reads EROSION. Qualifying measures disagree inside at least one scored cell; every such cell's span is Agent/Desk tier today, because the span would hand back the percentile of a row the free board withholds.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.37,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/5"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "CN",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "6/38",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/22"
    }
   ],
   "funding": {
    "regime": "EROSION",
    "note": "regime EROSION (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-08-09, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 24, record hash 5001a94585218ecf0a53f0c92f84a505ba7065bd3908ae8d9ecc938f7549c7d3 (board content sha256 7f3a786fc88eb234b6f81a3aab48369c86085b8479652151bed46c9a5fbb1fe2)",
   "free_view_checked": true
  },
  "2026-08-08": {
   "date": "2026-08-08",
   "generated": "2026-08-08T21:45:14+00:00",
   "headline": "Calm rows; the funding overlay reads EROSION.",
   "lede": "1 of 9 segments score today; UST, HY, EQUITY, ETF, FX, CN, CRYPTO, BSTOCK still accrue history. The funding overlay reads EROSION. Qualifying measures disagree inside at least one scored cell; every such cell's span is Agent/Desk tier today, because the span would hand back the percentile of a row the free board withholds.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.37,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/5"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "CN",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "6/38"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/22"
    }
   ],
   "funding": {
    "regime": "EROSION",
    "note": "regime EROSION (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-08-08, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 24, record hash a80af6fcafa1d6fdffd2ecec8a2d609caa008019edf835338db6a0342df54fd3 (board content sha256 60ce18019123cdb5ac5506e1a79a6052ba9d9ceb95ca8adca1d5d8bc81273541)",
   "free_view_checked": true
  },
  "2026-08-07": {
   "date": "2026-08-07",
   "generated": "2026-08-07T21:43:48+00:00",
   "headline": "Calm rows; the funding overlay reads STRAIN.",
   "lede": "6 of 9 segments score today; HY, ETF, BSTOCK still accrue history. The funding overlay reads STRAIN. The hottest qualifying measure is VIX close (VIXCLS), at percentile 33 of its own history; the coolest is amihud (large), at 7.8. Qualifying measures disagree inside at least one scored cell; every such cell's span is Agent/Desk tier today, because the span would hand back the percentile of a row the free board withholds.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "NORMAL",
     "mean": 0.57,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.37,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "NORMAL",
     "mean": 0.27,
     "qualifying": "5/5",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "NORMAL",
     "mean": 0.11,
     "qualifying": "2/2"
    },
    {
     "segment": "CN",
     "tier": "NORMAL",
     "mean": 0.65,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "NORMAL",
     "mean": 0.35,
     "qualifying": "6/38",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/22"
    }
   ],
   "funding": {
    "regime": "STRAIN",
    "note": "regime STRAIN (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-08-07, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 24, record hash 144b88e9f5b5f79d445ecd6468ced4eb3403cecc3bf145e5c65029d8cd35cb67 (board content sha256 0db69e7c050934c3f45ad39c2783580c77d32a957b85fc4d8fa0f5be396d4487)",
   "free_view_checked": true
  },
  "2026-08-06": {
   "date": "2026-08-06",
   "generated": "2026-08-06T21:44:50+00:00",
   "headline": "Calm rows; the funding overlay reads STRAIN.",
   "lede": "5 of 9 segments score today; HY, ETF, CRYPTO, BSTOCK still accrue history. The funding overlay reads STRAIN. The hottest qualifying measure is VIX close (VIXCLS), at percentile 37.4 of its own history; the coolest is amihud (large), at 7.8. Qualifying measures disagree inside at least one scored cell; every such cell's span is Agent/Desk tier today, because the span would hand back the percentile of a row the free board withholds.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "NORMAL",
     "mean": 0.57,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.37,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "NORMAL",
     "mean": 0.28,
     "qualifying": "5/5",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "NORMAL",
     "mean": 0.11,
     "qualifying": "2/2"
    },
    {
     "segment": "CN",
     "tier": "NORMAL",
     "mean": 0.49,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/38"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/22"
    }
   ],
   "funding": {
    "regime": "STRAIN",
    "note": "regime STRAIN (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-08-06, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 24, record hash 8eb15d87af27f65524a46b0326a0d9d00d4160aded97e4006e3ae5b7f181d8b0 (board content sha256 6225deeaf360a4a3b56431a5be8752b528ea9a1dc9bf77d58064790beab84c9b)",
   "free_view_checked": true
  },
  "2026-08-05": {
   "date": "2026-08-05",
   "generated": "2026-08-05T21:44:45+00:00",
   "headline": "Calm rows; the funding overlay reads STRAIN.",
   "lede": "5 of 9 segments score today; HY, ETF, CRYPTO, BSTOCK still accrue history. The funding overlay reads STRAIN. The hottest qualifying measure is VIX close (VIXCLS), at percentile 42.8 of its own history; the coolest is amihud (large), at 7.8. Qualifying measures disagree inside at least one scored cell; every such cell's span is Agent/Desk tier today, because the span would hand back the percentile of a row the free board withholds.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "NORMAL",
     "mean": 0.61,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.37,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "NORMAL",
     "mean": 0.29,
     "qualifying": "5/5",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "NORMAL",
     "mean": 0.11,
     "qualifying": "2/2"
    },
    {
     "segment": "CN",
     "tier": "NORMAL",
     "mean": 0.49,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/38"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/22"
    }
   ],
   "funding": {
    "regime": "STRAIN",
    "note": "regime STRAIN (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-08-05, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 24, record hash 1cd0a102b06f1f70039eb119ad63b16e8ab546e2994e78c6ff943c25c8e15cb0 (board content sha256 f319d78ab6a76d7f949a1e920111f21cdcad06db1ef3cac0b387bbd7e716b5d6)",
   "free_view_checked": true
  },
  "2026-08-04": {
   "date": "2026-08-04",
   "generated": "2026-08-04T21:44:27+00:00",
   "headline": "Calm rows; the funding overlay reads STRAIN.",
   "lede": "5 of 9 segments score today; HY, ETF, CRYPTO, BSTOCK still accrue history. The funding overlay reads STRAIN. The hottest qualifying measure is VIX close (VIXCLS), at percentile 37.7 of its own history; the coolest is amihud (large), at 7.8. Qualifying measures disagree inside at least one scored cell; every such cell's span is Agent/Desk tier today, because the span would hand back the percentile of a row the free board withholds.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "NORMAL",
     "mean": 0.61,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.37,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "NORMAL",
     "mean": 0.28,
     "qualifying": "5/5",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "NORMAL",
     "mean": 0.11,
     "qualifying": "2/2"
    },
    {
     "segment": "CN",
     "tier": "NORMAL",
     "mean": 0.49,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/38"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/22"
    }
   ],
   "funding": {
    "regime": "STRAIN",
    "note": "regime STRAIN (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-08-04, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 25, record hash 80f30bde1d3ba584262ee41216e01347e8d2e304a8835ac1239b438705dd7af2 (board content sha256 45302c1387444401a3f142cad0a60e6b4c0842c82fee7a62ff67f26143989d72)",
   "free_view_checked": true
  },
  "2026-08-03": {
   "date": "2026-08-03",
   "generated": "2026-08-03T21:43:29+00:00",
   "headline": "Calm rows; the funding overlay reads STRAIN.",
   "lede": "5 of 9 segments score today; HY, ETF, CRYPTO, BSTOCK still accrue history. The funding overlay reads STRAIN. The hottest qualifying measure is VIX close (VIXCLS), at percentile 38.8 of its own history; the coolest is amihud (large), at 7.8. Qualifying measures disagree inside at least one scored cell; every such cell's span is Agent/Desk tier today, because the span would hand back the percentile of a row the free board withholds.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "NORMAL",
     "mean": 0.62,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.41,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "NORMAL",
     "mean": 0.29,
     "qualifying": "5/5",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "NORMAL",
     "mean": 0.11,
     "qualifying": "2/2"
    },
    {
     "segment": "CN",
     "tier": "NORMAL",
     "mean": 0.49,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/38"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/22"
    }
   ],
   "funding": {
    "regime": "STRAIN",
    "note": "regime STRAIN (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-08-03, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 8, record hash fb5a44faab5a7230a34e16f3b359b8e6e98f2ca4b2a8e0844113ab2b4b2f2499 (board content sha256 4afbc611d1e8eb1d2b1e943227b15302fef129c08f54d9453030af0ac56a0085)",
   "free_view_checked": true
  },
  "2026-08-01": {
   "date": "2026-08-01",
   "generated": "2026-08-03T09:00:12+00:00",
   "headline": "Calm rows; the funding overlay reads STRAIN.",
   "lede": "5 of 9 segments score today; HY, ETF, CRYPTO, BSTOCK still accrue history. The funding overlay reads STRAIN. The hottest qualifying measure is VIX close (VIXCLS), at percentile 47 of its own history; the coolest is amihud (large), at 7.8. Qualifying measures disagree inside at least one scored cell; every such cell's span is Agent/Desk tier today, because the span would hand back the percentile of a row the free board withholds.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "NORMAL",
     "mean": 0.63,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.41,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "NORMAL",
     "mean": 0.3,
     "qualifying": "5/5",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "NORMAL",
     "mean": 0.11,
     "qualifying": "2/2"
    },
    {
     "segment": "CN",
     "tier": "NORMAL",
     "mean": 0.49,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree; the span is Agent/Desk tier on this cell, because not every qualifying row is in the free view and the span would hand back a withheld row's percentile. The tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/38"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/22"
    }
   ],
   "funding": {
    "regime": "STRAIN",
    "note": "regime STRAIN (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-08-01, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 23, record hash 1f12880bbe974fb8a3c63f36d5d0205ed11ab8e35cd42daa57e41563b8da0124 (board content sha256 9762bb91d810f369b92bc004e29f50fbc20a5ee6954e00ac85757472b179552d)",
   "free_view_checked": true
  },
  "2026-07-31": {
   "date": "2026-07-31",
   "generated": "2026-07-31T21:47:02+00:00",
   "headline": "Calm rows; the funding overlay reads STRAIN.",
   "lede": "5 of 9 segments score today; HY, ETF, CRYPTO, BSTOCK still accrue history. The funding overlay reads STRAIN. The hottest qualifying measure is port export throughput \u039412m \u2014 Tianjin Xin Gang, at a withheld percentile of its own history; the coolest is lambda_hat (large), at a withheld percentile. Inside CN the qualifying measures span 0.10\u20130.98; the tier is their mean \u2014 read the measures, not just the tier.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "NORMAL",
     "mean": 0.63,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree (span 0.16\u20130.96) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.41,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree (span 0.07\u20130.90) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "NORMAL",
     "mean": 0.3,
     "qualifying": "5/5",
     "flag": "qualifying measures disagree (span 0.05\u20130.50) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "NORMAL",
     "mean": 0.11,
     "qualifying": "2/2"
    },
    {
     "segment": "CN",
     "tier": "NORMAL",
     "mean": 0.49,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree (span 0.10\u20130.98) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/38"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/22"
    }
   ],
   "funding": {
    "regime": "STRAIN",
    "note": "regime STRAIN (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-07-31, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 24, record hash 45fdac271cec58bd44985eace87d42ce26d46ddf91c8c2c4e778b01d0f788ec6 (board content sha256 331038fb6f78228b11052004b8e5160a36b7112c8882dcacff2f3f2d928ca06d)",
   "lede_figures_withheld": true
  },
  "2026-07-30": {
   "date": "2026-07-30",
   "generated": "2026-07-30T21:46:37+00:00",
   "headline": "Calm rows; the funding overlay reads STRAIN.",
   "lede": "5 of 9 segments score today; HY, ETF, CRYPTO, BSTOCK still accrue history. The funding overlay reads STRAIN. The hottest qualifying measure is port export throughput \u039412m \u2014 Tianjin Xin Gang, at a withheld percentile of its own history; the coolest is lambda_hat (large), at a withheld percentile. Inside CN the qualifying measures span 0.10\u20130.98; the tier is their mean \u2014 read the measures, not just the tier.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "NORMAL",
     "mean": 0.63,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree (span 0.16\u20130.96) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.43,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree (span 0.07\u20130.90) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "NORMAL",
     "mean": 0.34,
     "qualifying": "5/5",
     "flag": "qualifying measures disagree (span 0.05\u20130.66) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "NORMAL",
     "mean": 0.11,
     "qualifying": "2/2"
    },
    {
     "segment": "CN",
     "tier": "NORMAL",
     "mean": 0.56,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree (span 0.10\u20130.98) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/38"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/22"
    }
   ],
   "funding": {
    "regime": "STRAIN",
    "note": "regime STRAIN (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-07-30, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 24, record hash 0a1fe0b7a5e4da13100433d20addb84321b7a8cd3cc67e5ac2ffe5671b6b0d18 (board content sha256 5ee9d847fdcc029c729c959b6bc64e8e6fb7aaa82ff0ac933f6aa66d67bd9195)",
   "lede_figures_withheld": true
  },
  "2026-07-29": {
   "date": "2026-07-29",
   "generated": "2026-07-29T21:48:20+00:00",
   "headline": "Calm rows; the funding overlay reads STRAIN.",
   "lede": "5 of 9 segments score today; HY, ETF, CRYPTO, BSTOCK still accrue history. The funding overlay reads STRAIN. The hottest qualifying measure is port export throughput \u039412m \u2014 Tianjin Xin Gang, at a withheld percentile of its own history; the coolest is lambda_hat (large), at a withheld percentile. Inside CN the qualifying measures span 0.10\u20130.98; the tier is their mean \u2014 read the measures, not just the tier.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "NORMAL",
     "mean": 0.65,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree (span 0.17\u20130.97) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.48,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree (span 0.19\u20130.93) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "NORMAL",
     "mean": 0.32,
     "qualifying": "5/5",
     "flag": "qualifying measures disagree (span 0.05\u20130.53) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "NORMAL",
     "mean": 0.11,
     "qualifying": "2/2"
    },
    {
     "segment": "CN",
     "tier": "NORMAL",
     "mean": 0.56,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree (span 0.10\u20130.98) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/38"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/22"
    }
   ],
   "funding": {
    "regime": "STRAIN",
    "note": "regime STRAIN (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-07-29, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 24, record hash 521278479652a1cd374a8f260843d2cfba0f0e52ef9f3dacc9272643410e3c30 (board content sha256 25f426b036ac93f2c7bb9cd39029fae45f1b2b2fd8fc2ce2c9a1ce4cfc297d8c)",
   "lede_figures_withheld": true
  },
  "2026-07-28": {
   "date": "2026-07-28",
   "generated": "2026-07-28T21:46:12+00:00",
   "headline": "Calm rows; the funding overlay reads STRAIN.",
   "lede": "5 of 9 segments score today; HY, ETF, CRYPTO, BSTOCK still accrue history. The funding overlay reads STRAIN. The hottest qualifying measure is port export throughput \u039412m \u2014 Tianjin Xin Gang, at a withheld percentile of its own history; the coolest is lambda_hat (large), at a withheld percentile. Inside UST the qualifying measures span 0.07\u20130.97; the tier is their mean \u2014 read the measures, not just the tier.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "NORMAL",
     "mean": 0.68,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree (span 0.07\u20130.97) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.48,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree (span 0.19\u20130.93) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "NORMAL",
     "mean": 0.32,
     "qualifying": "5/5",
     "flag": "qualifying measures disagree (span 0.05\u20130.56) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "NORMAL",
     "mean": 0.11,
     "qualifying": "2/2"
    },
    {
     "segment": "CN",
     "tier": "NORMAL",
     "mean": 0.56,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree (span 0.10\u20130.98) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/38"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/22"
    }
   ],
   "funding": {
    "regime": "STRAIN",
    "note": "regime STRAIN (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-07-28, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 24, record hash c97f532d3060c8ea934e5d053bc7fdfd5ef7a9958b49bcd2d84b2a336c089c63 (board content sha256 134023a29865b582f992cadcdb0ff84ccddea8e31fef57c45c2badda276cda45)",
   "lede_figures_withheld": true
  },
  "2026-07-27": {
   "date": "2026-07-27",
   "generated": "2026-07-27T21:45:33+00:00",
   "headline": "Calm rows; the funding overlay reads STRAIN.",
   "lede": "5 of 9 segments score today; HY, ETF, CRYPTO, BSTOCK still accrue history. The funding overlay reads STRAIN. The hottest qualifying measure is port export throughput \u039412m \u2014 Tianjin Xin Gang, at a withheld percentile of its own history; the coolest is lambda_hat (large), at a withheld percentile. Inside CN the qualifying measures span 0.10\u20130.98; the tier is their mean \u2014 read the measures, not just the tier.",
   "tiers": [
    {
     "segment": "UST",
     "tier": "NORMAL",
     "mean": 0.68,
     "qualifying": "6/19",
     "flag": "qualifying measures disagree (span 0.10\u20130.97) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "IG",
     "tier": "NORMAL",
     "mean": 0.46,
     "qualifying": "3/3",
     "flag": "qualifying measures disagree (span 0.19\u20130.93) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "HY",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "1/1"
    },
    {
     "segment": "EQUITY",
     "tier": "NORMAL",
     "mean": 0.32,
     "qualifying": "5/5",
     "flag": "qualifying measures disagree (span 0.05\u20130.55) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "ETF",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/2"
    },
    {
     "segment": "FX",
     "tier": "NORMAL",
     "mean": 0.11,
     "qualifying": "2/2"
    },
    {
     "segment": "CN",
     "tier": "NORMAL",
     "mean": 0.56,
     "qualifying": "10/19",
     "flag": "qualifying measures disagree (span 0.10\u20130.98) \u2014 the tier is their mean; read the measures"
    },
    {
     "segment": "CRYPTO",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/38"
    },
    {
     "segment": "BSTOCK",
     "tier": "PARTIAL",
     "mean": null,
     "qualifying": "0/22"
    }
   ],
   "funding": {
    "regime": "STRAIN",
    "note": "regime STRAIN (declared; the overlay colours context beside the segment tiers and never enters any tier's mean)"
   },
   "honesty": "PARTIAL means still accruing: a scored tier needs at least 2 measures with a stress percentile at 60+ observations each; an accruing or absent measure is disclosed, never rendered as calm. Research and market data, not investment advice.",
   "source": "UNDERTOW board 2026-07-27, hash-chained point-in-time ledger data/_pit/board.jsonl, revision 25, record hash 32427c36669a0e8762b41116814b02c9298a52ab44896159c01a53d2aeac67ab (board content sha256 f3b294d73005a6aa722b30cf8c2be12f345c78e0702b83697603091cada6fba9)",
   "lede_figures_withheld": true
  }
 },
 "generated_at": "2026-08-12T03:44:55+00:00",
 "provenance": {
  "source": "scripts/dispatch_pack.py over data/board/latest.json",
  "note": "every sentence is composed from published board fields by deterministic rules; the letter is the day as of the latest sweep, and the board record \u2014 not this pack \u2014 is the immutable history"
 }
}