{
  "date": "2026-03-20 00:00:00",
  "rv_2y_20d_z": 0.021637977,
  "rv_5y_20d_z": 0.089419641,
  "rv_10y_20d_z": -0.134569538,
  "rv_slope_20d_z": -0.549830602,
  "spread": 0.02,
  "week_delta_spread": 0.0,
  "repo_backstop_usage": 0.0,
  "dealer_pos_net_z": 3.0292989131684056,
  "dealer_fails_receive_z": 1.7272364000439822,
  "dealer_fails_deliver_z": 2.206880573164121,
  "fails_factor": 1.967058486604052,
  "spread_z_bm": 0.1960932376819407,
  "week_delta_spread_z_bm": 0.006009907,
  "repo_backstop_usage_z_bm": -0.25674428,
  "dealer_pos_net_z_z_bm": 3.0924227160443825,
  "fails_factor_z_bm": 2.051424687,
  "instability_index": -0.143335631,
  "constraint_index": 1.0178412536484318,
  "instability_category": "Moderate",
  "constraint_category": "High",
  "narrative": "Volatility is contained, but funding pressure is elevated.",
  "closest_episode": "September 2019 repo episode"
}