{
  "timestamp": "2026-08-13T01:50:07.301225",
  "composite_z": -0.44,
  "level": "GRUEN",
  "regime": {
    "momentum_composite": -0.05,
    "breadth": 0.0,
    "n_momentum": 13,
    "label": "STABIL",
    "note": "Niedriges Niveau, kaum Bewegung (-0.05\u03c3/Mon).",
    "top_mover": {
      "key": "ig_oas",
      "label": "Investment-Grade OAS",
      "momentum": 0.14
    },
    "lookback_days": 30
  },
  "lookback_days": 3700,
  "categories": {
    "credit_rates": {
      "label": "Kredit & Zinsen",
      "composite_z": -0.67,
      "level": "GRUEN",
      "keys": [
        "hy_oas",
        "ig_oas",
        "baa_spread",
        "curve_10y2y",
        "curve_10y3m",
        "hy_ig_quality"
      ]
    },
    "vol_conditions": {
      "label": "Volatilit\u00e4t & Finanzbedingungen",
      "composite_z": -0.49,
      "level": "GRUEN",
      "keys": [
        "vix",
        "nfci",
        "stlfsi",
        "dxy"
      ]
    },
    "liquidity_macro": {
      "label": "Liquidit\u00e4t & Makro",
      "composite_z": 0.15,
      "level": "BEOBACHTEN",
      "keys": [
        "net_liq_yoy",
        "m2_yoy",
        "sahm"
      ]
    }
  },
  "components": {
    "hy_oas": {
      "raw": 2.72,
      "mean": 3.1572,
      "std": 0.4337,
      "zscore": -1.01,
      "percentile": 12.2,
      "n": 786,
      "label": "High-Yield OAS",
      "weight": 0.15,
      "unit": "%",
      "danger": "high",
      "category": "credit_rates",
      "stress_z": -1.01,
      "momentum": 0.07
    },
    "ig_oas": {
      "raw": 0.79,
      "mean": 0.9098,
      "std": 0.1473,
      "zscore": -0.81,
      "percentile": 23.1,
      "n": 785,
      "label": "Investment-Grade OAS",
      "weight": 0.07,
      "unit": "%",
      "danger": "high",
      "category": "credit_rates",
      "stress_z": -0.81,
      "momentum": 0.14
    },
    "baa_spread": {
      "raw": 1.62,
      "mean": 2.0285,
      "std": 0.3998,
      "zscore": -1.02,
      "percentile": 12.7,
      "n": 2525,
      "label": "Baa-Spread (Moody's)",
      "weight": 0.1,
      "unit": "pp",
      "danger": "high",
      "category": "credit_rates",
      "stress_z": -1.02,
      "momentum": 0.1
    },
    "vix": {
      "raw": 15.28,
      "mean": 18.5359,
      "std": 7.2499,
      "zscore": -0.45,
      "percentile": 36.5,
      "n": 2577,
      "label": "VIX (Aktien-Vola)",
      "weight": 0.12,
      "unit": "",
      "danger": "high",
      "category": "vol_conditions",
      "stress_z": -0.45,
      "momentum": 0.03
    },
    "nfci": {
      "raw": -0.549,
      "mean": -0.4568,
      "std": 0.1602,
      "zscore": -0.58,
      "percentile": 32.6,
      "n": 528,
      "label": "Fin. Conditions (NFCI)",
      "weight": 0.14,
      "unit": "",
      "danger": "high",
      "category": "vol_conditions",
      "stress_z": -0.58,
      "momentum": -0.16
    },
    "stlfsi": {
      "raw": -0.7709,
      "mean": -0.3218,
      "std": 0.6043,
      "zscore": -0.74,
      "percentile": 10.6,
      "n": 528,
      "label": "Fin. Stress (STLFSI)",
      "weight": 0.1,
      "unit": "",
      "danger": "high",
      "category": "vol_conditions",
      "stress_z": -0.74,
      "momentum": -0.08
    },
    "dxy": {
      "raw": 119.0649,
      "mean": 117.4888,
      "std": 4.7541,
      "zscore": 0.33,
      "percentile": 58.8,
      "n": 2524,
      "label": "Broad-Dollar (DXY)",
      "weight": 0.04,
      "unit": "",
      "danger": "high",
      "category": "vol_conditions",
      "stress_z": 0.33,
      "momentum": -0.43
    },
    "curve_10y2y": {
      "raw": 0.48,
      "mean": 0.3601,
      "std": 0.559,
      "zscore": 0.21,
      "percentile": 55.3,
      "n": 2531,
      "label": "Yield Curve 10y-2y",
      "weight": 0.15,
      "unit": "pp",
      "danger": "low",
      "category": "credit_rates",
      "stress_z": -0.21,
      "momentum": -0.23
    },
    "curve_10y3m": {
      "raw": 0.81,
      "mean": 0.4039,
      "std": 0.9808,
      "zscore": 0.41,
      "percentile": 60.8,
      "n": 2531,
      "label": "Yield Curve 10y-3m",
      "weight": 0.18,
      "unit": "pp",
      "danger": "low",
      "category": "credit_rates",
      "stress_z": -0.41,
      "momentum": -0.1
    },
    "hy_ig_quality": {
      "raw": 1.93,
      "mean": 2.2478,
      "std": 0.2963,
      "zscore": -1.07,
      "percentile": 9.8,
      "n": 785,
      "label": "HY-IG Quality Spread",
      "weight": 0.05,
      "unit": "%",
      "danger": "high",
      "category": "credit_rates",
      "stress_z": -1.07,
      "momentum": 0.03
    },
    "net_liq_yoy": {
      "raw": -4.5286,
      "mean": 5.7141,
      "std": 19.3987,
      "zscore": -0.53,
      "percentile": 30.4,
      "n": 467,
      "label": "Netto-Liquidit\u00e4t (YoY)",
      "weight": 0.14,
      "unit": "%",
      "danger": "low",
      "category": "liquidity_macro",
      "stress_z": 0.53,
      "momentum": 0.03
    },
    "m2_yoy": {
      "raw": 5.5258,
      "mean": 6.2687,
      "std": 7.3709,
      "zscore": -0.1,
      "percentile": 66.1,
      "n": 109,
      "label": "M2-Geldmenge (YoY)",
      "weight": 0.06,
      "unit": "%",
      "danger": "low",
      "category": "liquidity_macro",
      "stress_z": 0.1,
      "momentum": 0.01
    },
    "sahm": {
      "raw": -0.03,
      "mean": 0.5564,
      "std": 1.6332,
      "zscore": -0.36,
      "percentile": 32.2,
      "n": 121,
      "label": "Sahm-Rule (Rezession)",
      "weight": 0.1,
      "unit": "pp",
      "danger": "high",
      "category": "liquidity_macro",
      "stress_z": -0.36,
      "momentum": -0.06
    }
  },
  "interpretation": "Composite-Stress -0.44\u03c3 (GRUEN). Gr\u00f6\u00dfter Treiber: Netto-Liquidit\u00e4t (YoY) bei +0.53\u03c3 (P30). Regime: STABIL (Niedriges Niveau, kaum Bewegung (-0.05\u03c3/Mon).)"
}