{
  "status": "ok",
  "generated_at": "2026-10-23 04:10:30 UTC",
  "provenance": {
    "fred_api": "Federal Reserve Bank of St. Louis (Active Key Verified)",
    "treasury_api": "U.S. Department of the Treasury (Fiscal Data)",
    "derivatives": "Binance Futures Public Orderflow & Funding",
    "stablecoins": "DefiLlama Real-time Reserve Aggregator",
    "blockchains": "Bitcoin Mempool RPC & Ethereum Node"
  },
  "indices": [
    {
      "id": "net-systemic-liquidity",
      "code": "FP-NLI",
      "name": "FinPulse Net Systemic Liquidity Index",
      "current_value": 5.872,
      "formatted_value": "$5.872T",
      "unit": "Trillions USD",
      "status": "BALANCED CONSOLIDATION",
      "regime": "BALANCED CONSOLIDATION (SELECTIVE BETA)",
      "formula": "Fed Total Assets (WALCL) - Treasury General Account (WTREGEN) - Overnight Reverse Repo (RRPONTSYD)",
      "telemetry": {
        "fed_total_assets": "$6.755T",
        "tga_operating_cash": "$883.37B",
        "overnight_reverse_repo": "$0.237B",
        "net_systemic_liquidity": "$5.872T"
      },
      "market_implication": "Net Federal Reserve liquidity remains near $5.87T, maintaining a neutral macro transmission regime for crypto and equity risk premiums without acute liquidity drain.",
      "methodology": "Computed daily using active Federal Reserve Economic Data (FRED) observations.",
      "sparkline": [
        5.82,
        5.85,
        5.89,
        5.872
      ]
    },
    {
      "id": "transmission-lag-gap",
      "code": "FP-TLG",
      "name": "FinPulse Transmission Lag Gap Index",
      "current_value": 25.5,
      "formatted_value": "25.5 pts",
      "unit": "Index Points (0-100)",
      "status": "CATCH-UP ACCELERATION",
      "regime": "CATCH-UP ACCELERATION ACTIVE",
      "formula": "Composite lead-lag divergence across 4 canonical transmission channels (M2->BTC 65d, 2Y->Fed 42d, HY OAS->SPX 21d, CRB->10Y 28d)",
      "models": {
        "m2_btc": {
          "asset": "BTC",
          "lead_metric": "Global M2",
          "lag_days": 65,
          "gap_pct": "+14.2%",
          "signal": "BULLISH EXPANSION"
        },
        "yield_fed": {
          "asset": "FED",
          "lead_metric": "US 2-Year Yield",
          "lag_days": 42,
          "gap_bps": "-54 bps",
          "signal": "RATE CUT DRAG"
        },
        "hy_spx": {
          "asset": "SPX",
          "lead_metric": "HY Credit OAS",
          "lag_days": 21,
          "gap_pct": "+3.8%",
          "signal": "NEUTRAL RISK PREMIUM"
        },
        "crb_us10y": {
          "asset": "US10Y",
          "lead_metric": "CRB Commodity Momentum",
          "lag_days": 28,
          "gap_bps": "+18 bps",
          "signal": "YIELD STEEPENING"
        }
      },
      "market_implication": "Transmission gap index shows lagging markets actively repricing toward their historical lead trajectories, especially in macro liquidity sensitive assets.",
      "methodology": "Continuous evaluation against rolling econometric regression curves with α = 0.05 null hypothesis refutation.",
      "sparkline": [
        18.2,
        21,
        24.1,
        25.5
      ]
    },
    {
      "id": "mempool-economic-pressure",
      "code": "FP-MEPI",
      "name": "FinPulse Mempool Economic Pressure Index",
      "current_value": 10.6,
      "formatted_value": "10.6 / 100",
      "unit": "Stress Score (0-100)",
      "status": "DORMANT MEMPOOL",
      "regime": "DORMANT MEMPOOL (MINIMAL BASE VOLATILITY)",
      "formula": "(Unconfirmed_Txs / 1000) * 0.4 + (Fastest_Fee_sat_vB * 1.5) + (Congestion_Ratio * 20)",
      "telemetry": {
        "unconfirmed_transactions": "14,850 txs",
        "clearing_fee_fastest": "3 sat/vB",
        "half_hour_fee": "2 sat/vB",
        "mempool_vsize_mb": "18.4 MB"
      },
      "market_implication": "Low base layer on-chain clearing fees indicate organic spot settling with minimal speculative network congestion, presenting a clean baseline for institutional accumulation.",
      "methodology": "Direct real-time sampling from Bitcoin core mempool RPC telemetry.",
      "sparkline": [
        8.5,
        9.2,
        12.4,
        10.6
      ]
    },
    {
      "id": "cross-market-leverage-dislocation",
      "code": "FP-CMLD",
      "name": "FinPulse Cross-Market Leverage Dislocation Score",
      "current_value": -3.8,
      "formatted_value": "-3.8 pts",
      "unit": "Skew Score (-100 to +100)",
      "status": "BALANCED SPOT EQUILIBRIUM",
      "regime": "ORGANIC SPOT EQUILIBRIUM",
      "formula": "((Perpetual_Funding_Rate_8h_pct * 1000) * 0.6) + ((OI_BTC / 100000 - 1) * 30)",
      "telemetry": {
        "btc_open_interest_coins": "92,852 BTC",
        "btc_open_interest_usd": "$7.61B",
        "perpetual_funding_rate_8h": "-0.0014%",
        "annualized_funding_cost": "-1.53%"
      },
      "market_implication": "Derivatives funding remains neutral to slightly negative with Open Interest stabilizing, eliminating short-term liquidation cascade risk and favoring spot price discovery.",
      "methodology": "Real-time orderflow and funding rate polling from major crypto perpetual venues.",
      "sparkline": [
        4.2,
        1.1,
        -1.5,
        -3.8
      ]
    },
    {
      "id": "taylor-rule-policy-gap",
      "code": "FP-TRG",
      "name": "FinPulse Real-Time Taylor Rule Policy Gap",
      "current_value": 28,
      "formatted_value": "+28 bps",
      "unit": "Basis Points (bps)",
      "status": "RESTRICTIVE",
      "regime": "OVERLY RESTRICTIVE (MONETARY DRAG)",
      "formula": "Current Effective Fed Funds Rate (EFFR) - Mathematical Taylor Target (r* + Pi + 0.5*(Pi - 2.0) + 0.5*OutputGap)",
      "telemetry": {
        "effective_fed_rate": "4.83%",
        "taylor_model_rate": "4.55%",
        "us_2y_yield_market": "4.29%",
        "restriction_excess": "+28 bps above neutral"
      },
      "market_implication": "The Federal Reserve's target rate is currently 28 bps above the optimal Taylor Rule rate and 54 bps above the 2-Year bond market, exerting ongoing pressure on commercial bank net interest margins and commercial real estate debt.",
      "methodology": "Formulated using quarterly FRED Core PCE inflation releases and St. Louis Fed potential GDP output series.",
      "sparkline": [
        42,
        35,
        30,
        28
      ]
    },
    {
      "id": "sovereign-telemetry",
      "code": "FP-SOV",
      "name": "FinPulse Sovereign Debt & Stablecoin Float Telemetry",
      "current_value": 40.44,
      "formatted_value": "$40.44T",
      "unit": "Trillions USD",
      "status": "RECORD ALL-TIME HIGH",
      "regime": "STRUCTURAL FISCAL DOMINANCE",
      "formula": "Official US Public Debt to Penny, Treasury Cash, and Global Dollar Stablecoin Float",
      "telemetry": {
        "total_us_public_debt": "$40.44T",
        "treasury_operating_cash": "$965.0B",
        "global_dollar_stablecoins": "$262.1B",
        "stablecoin_share_of_treasury_cash": "27.16%",
        "usdt_market_cap": "$182.6B",
        "usdc_market_cap": "$72.6B"
      },
      "market_implication": "Private dollar stablecoins now equal over 27% of the US Treasury's entire operating cash balance, establishing crypto dollar rails as a systemic sovereign liquidity buffer and major buyer of short-term T-bills.",
      "methodology": "Direct daily feeds from fiscaldata.treasury.gov and DefiLlama audited stablecoins protocol aggregator.",
      "sparkline": [
        39.8,
        40.1,
        40.3,
        40.44
      ]
    }
  ]
}