{
  "status": "ok",
  "index": {
    "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
    ]
  },
  "generated_at": "2026-10-23 04:10:36 UTC"
}