[{"date":"2018-04-13T00:00:00.000","rv_2y_20d_z":-0.684573238,"rv_5y_20d_z":-0.778572684,"rv_10y_20d_z":-0.808272347,"rv_slope_20d_z":-0.913290829,"spread":0.04,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.186538308,"dealer_fails_receive_z":-0.539675873,"dealer_fails_deliver_z":-0.423051063,"fails_factor":-0.481363468,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.275644804,"fails_factor_z_bm":-0.461844343,"instability_index":-0.796177275,"constraint_index":-0.248840182,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-04-20T00:00:00.000","rv_2y_20d_z":-0.748646724,"rv_5y_20d_z":-0.838656345,"rv_10y_20d_z":-0.813507629,"rv_slope_20d_z":-0.803980179,"spread":0.05,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.27134902,"dealer_fails_receive_z":-0.779462822,"dealer_fails_deliver_z":-0.752166734,"fails_factor":-0.765814778,"spread_z_bm":2.2650430759,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.363517959,"fails_factor_z_bm":-0.753829418,"instability_index":-0.801197719,"constraint_index":0.1456663695,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-04-27T00:00:00.000","rv_2y_20d_z":-1.062787816,"rv_5y_20d_z":-1.029787207,"rv_10y_20d_z":-0.975646263,"rv_slope_20d_z":-0.645757414,"spread":0.04,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.324390474,"dealer_fails_receive_z":-0.746903196,"dealer_fails_deliver_z":-0.832948787,"fails_factor":-0.789925991,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.418474694,"fails_factor_z_bm":-0.778579223,"instability_index":-0.928494675,"constraint_index":-0.340753136,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-05-04T00:00:00.000","rv_2y_20d_z":-1.206122329,"rv_5y_20d_z":-1.21444925,"rv_10y_20d_z":-1.26544953,"rv_slope_20d_z":-0.725637291,"spread":0.04,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.289195022,"dealer_fails_receive_z":-0.321972845,"dealer_fails_deliver_z":-0.432178291,"fails_factor":-0.377075568,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.382008364,"fails_factor_z_bm":-0.354794352,"instability_index":-1.1029146,"constraint_index":-0.082428792,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-05-11T00:00:00.000","rv_2y_20d_z":-1.171132877,"rv_5y_20d_z":-1.248516722,"rv_10y_20d_z":-1.246295985,"rv_slope_20d_z":-0.785093097,"spread":0.03,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.021177281,"dealer_fails_receive_z":-0.608650012,"dealer_fails_deliver_z":-0.538394886,"fails_factor":-0.573522449,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.104312731,"fails_factor_z_bm":-0.556444178,"instability_index":-1.11275967,"constraint_index":-0.371423724,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-05-18T00:00:00.000","rv_2y_20d_z":-1.121016673,"rv_5y_20d_z":-1.141016762,"rv_10y_20d_z":-1.060892192,"rv_slope_20d_z":-0.720438701,"spread":0.04,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.040215002,"dealer_fails_receive_z":-0.48825562,"dealer_fails_deliver_z":-0.422345225,"fails_factor":-0.455300422,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.124037888,"fails_factor_z_bm":-0.435091011,"instability_index":-1.010841082,"constraint_index":0.119380076,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-05-25T00:00:00.000","rv_2y_20d_z":-0.882016525,"rv_5y_20d_z":-0.87550783,"rv_10y_20d_z":-0.972658372,"rv_slope_20d_z":-0.859105654,"spread":0.03,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.924071995,"dealer_fails_receive_z":-0.876945691,"dealer_fails_deliver_z":-0.719016642,"fails_factor":-0.797981167,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.003701055,"fails_factor_z_bm":-0.786847741,"instability_index":-0.897322095,"constraint_index":-0.397382101,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-06-01T00:00:00.000","rv_2y_20d_z":0.076402975,"rv_5y_20d_z":0.1265803381,"rv_10y_20d_z":0.018708513,"rv_slope_20d_z":-0.868629393,"spread":0.04,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.865896216,"dealer_fails_receive_z":-0.51565362,"dealer_fails_deliver_z":-0.459486958,"fails_factor":-0.487570289,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.943424599,"fails_factor_z_bm":-0.468215553,"instability_index":-0.161734392,"constraint_index":0.1488778253,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-06-08T00:00:00.000","rv_2y_20d_z":0.1189153221,"rv_5y_20d_z":0.2009227739,"rv_10y_20d_z":0.1322595872,"rv_slope_20d_z":-0.903850812,"spread":0.02,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.030403177,"dealer_fails_receive_z":-0.443739315,"dealer_fails_deliver_z":-0.408301463,"fails_factor":-0.426020389,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.113871766,"fails_factor_z_bm":-0.405035488,"instability_index":-0.112938282,"constraint_index":-0.647257887,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-06-15T00:00:00.000","rv_2y_20d_z":0.1816127795,"rv_5y_20d_z":0.1655908809,"rv_10y_20d_z":-0.020603995,"rv_slope_20d_z":-1.008141209,"spread":0.04,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.843700439,"dealer_fails_receive_z":-0.635743106,"dealer_fails_deliver_z":-0.728095192,"fails_factor":-0.681919149,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":1.6687509502,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.92042735,"fails_factor_z_bm":-0.667711792,"instability_index":-0.170385386,"constraint_index":0.2798521316,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-06-22T00:00:00.000","rv_2y_20d_z":0.097287679,"rv_5y_20d_z":0.1090981466,"rv_10y_20d_z":-0.048075495,"rv_slope_20d_z":-0.999688437,"spread":0.02,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.960737235,"dealer_fails_receive_z":-0.157388833,"dealer_fails_deliver_z":-0.237488434,"fails_factor":-0.197438634,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.041690246,"fails_factor_z_bm":-0.170399687,"instability_index":-0.210344527,"constraint_index":-0.585894422,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-06-29T00:00:00.000","rv_2y_20d_z":-0.834104238,"rv_5y_20d_z":-1.008438905,"rv_10y_20d_z":-1.085545284,"rv_slope_20d_z":-0.927972969,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.864128499,"dealer_fails_receive_z":-0.686793116,"dealer_fails_deliver_z":-0.659215045,"fails_factor":-0.67300408,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.94159305,"fails_factor_z_bm":-0.658560605,"instability_index":-0.964015349,"constraint_index":-0.330958958,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-07-06T00:00:00.000","rv_2y_20d_z":-0.824002511,"rv_5y_20d_z":-1.152738848,"rv_10y_20d_z":-1.319590619,"rv_slope_20d_z":-0.966419659,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.011524353,"dealer_fails_receive_z":-0.742590951,"dealer_fails_deliver_z":-0.53958751,"fails_factor":-0.64108923,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.094311243,"fails_factor_z_bm":-0.625800483,"instability_index":-1.065687909,"constraint_index":-0.050746479,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-07-13T00:00:00.000","rv_2y_20d_z":-0.847837413,"rv_5y_20d_z":-1.193143194,"rv_10y_20d_z":-1.340159982,"rv_slope_20d_z":-1.135334117,"spread":0.03,"week_delta_spread":-2.22e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.891458602,"dealer_fails_receive_z":-0.763455247,"dealer_fails_deliver_z":-0.775313385,"fails_factor":-0.769384316,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.96991002,"fails_factor_z_bm":-0.757493496,"instability_index":-1.129118677,"constraint_index":-0.218478941,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-07-20T00:00:00.000","rv_2y_20d_z":-0.89664513,"rv_5y_20d_z":-1.196661075,"rv_10y_20d_z":-1.240532536,"rv_slope_20d_z":-0.785454065,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.971611677,"dealer_fails_receive_z":-0.9244675,"dealer_fails_deliver_z":-0.904822665,"fails_factor":-0.914645082,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.052957354,"fails_factor_z_bm":-0.906601531,"instability_index":-1.029823201,"constraint_index":-0.569114108,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-07-27T00:00:00.000","rv_2y_20d_z":-0.812610343,"rv_5y_20d_z":-1.08453892,"rv_10y_20d_z":-1.113238459,"rv_slope_20d_z":-0.75118883,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.748531697,"dealer_fails_receive_z":-0.824567161,"dealer_fails_deliver_z":-0.77477792,"fails_factor":-0.799672541,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.821822146,"fails_factor_z_bm":-0.788583912,"instability_index":-0.940394138,"constraint_index":-0.637213532,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-08-03T00:00:00.000","rv_2y_20d_z":-0.929695303,"rv_5y_20d_z":-1.116549454,"rv_10y_20d_z":-1.071255965,"rv_slope_20d_z":-0.590230935,"spread":0.03,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.981195089,"dealer_fails_receive_z":-0.617993209,"dealer_fails_deliver_z":-0.57380853,"fails_factor":-0.59590087,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":1.6687509502,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.062886815,"fails_factor_z_bm":-0.579415297,"instability_index":-0.926932914,"constraint_index":0.1310895484,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-08-10T00:00:00.000","rv_2y_20d_z":-0.848576619,"rv_5y_20d_z":-1.012676457,"rv_10y_20d_z":-0.877418724,"rv_slope_20d_z":-0.519830957,"spread":0.03,"week_delta_spread":-2.22e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.816886747,"dealer_fails_receive_z":-0.874506441,"dealer_fails_deliver_z":-0.75399218,"fails_factor":-0.814249311,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.892645439,"fails_factor_z_bm":-0.803546751,"instability_index":-0.81462569,"constraint_index":-0.212236676,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-08-17T00:00:00.000","rv_2y_20d_z":-0.83701405,"rv_5y_20d_z":-1.012676457,"rv_10y_20d_z":-1.024246435,"rv_slope_20d_z":-0.915265696,"spread":0.0,"week_delta_spread":-0.03,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.896801478,"dealer_fails_receive_z":-0.54261604,"dealer_fails_deliver_z":-0.529730104,"fails_factor":-0.536173072,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-2.488101657,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.975445823,"fails_factor_z_bm":-0.518105593,"instability_index":-0.94730066,"constraint_index":-1.084320802,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-08-24T00:00:00.000","rv_2y_20d_z":-0.962648194,"rv_5y_20d_z":-1.077272684,"rv_10y_20d_z":-1.187682766,"rv_slope_20d_z":-0.927574065,"spread":0.01,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.805019206,"dealer_fails_receive_z":-0.562478501,"dealer_fails_deliver_z":-0.580209759,"fails_factor":-0.57134413,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.880349371,"fails_factor_z_bm":-0.554208166,"instability_index":-1.038794427,"constraint_index":-0.269495619,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-08-31T00:00:00.000","rv_2y_20d_z":-0.88978252,"rv_5y_20d_z":-1.038819312,"rv_10y_20d_z":-1.202738011,"rv_slope_20d_z":-1.081488662,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.60459183,"dealer_fails_receive_z":-0.60340127,"dealer_fails_deliver_z":-0.591965629,"fails_factor":-0.597683449,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.672684733,"fails_factor_z_bm":-0.581245088,"instability_index":-1.053207126,"constraint_index":-0.095440087,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-09-07T00:00:00.000","rv_2y_20d_z":-0.768545106,"rv_5y_20d_z":-0.941098273,"rv_10y_20d_z":-1.069558976,"rv_slope_20d_z":-1.1424211,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.892580805,"dealer_fails_receive_z":-0.738039137,"dealer_fails_deliver_z":-0.753773127,"fails_factor":-0.745906132,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.971072745,"fails_factor_z_bm":-0.733393486,"instability_index":-0.980405864,"constraint_index":-0.04761738,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-09-14T00:00:00.000","rv_2y_20d_z":-0.784800629,"rv_5y_20d_z":-1.065786881,"rv_10y_20d_z":-1.222209947,"rv_slope_20d_z":-1.158169532,"spread":0.04,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.823063827,"dealer_fails_receive_z":-0.491478914,"dealer_fails_deliver_z":-0.545355918,"fails_factor":-0.518417416,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.899045568,"fails_factor_z_bm":-0.499879674,"instability_index":-1.057741747,"constraint_index":0.1514208071,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-09-21T00:00:00.000","rv_2y_20d_z":-0.811727001,"rv_5y_20d_z":-1.194241139,"rv_10y_20d_z":-1.325725233,"rv_slope_20d_z":-1.267258137,"spread":0.02,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.047851939,"dealer_fails_receive_z":-0.717610421,"dealer_fails_deliver_z":-0.669267165,"fails_factor":-0.693438793,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.131950587,"fails_factor_z_bm":-0.679536537,"instability_index":-1.149737877,"constraint_index":-0.70577386,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-09-28T00:00:00.000","rv_2y_20d_z":-0.868236954,"rv_5y_20d_z":-1.158016722,"rv_10y_20d_z":-1.289364143,"rv_slope_20d_z":-1.184918419,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.038179148,"dealer_fails_receive_z":-0.898986053,"dealer_fails_deliver_z":-0.801405087,"fails_factor":-0.85019557,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.12192852,"fails_factor_z_bm":-0.840445057,"instability_index":-1.12513406,"constraint_index":-0.707607036,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-10-05T00:00:00.000","rv_2y_20d_z":-1.134818823,"rv_5y_20d_z":-1.089278812,"rv_10y_20d_z":-0.924052667,"rv_slope_20d_z":-0.601446819,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.229787799,"dealer_fails_receive_z":-0.730111575,"dealer_fails_deliver_z":-0.694847743,"fails_factor":-0.712479659,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.320455997,"fails_factor_z_bm":-0.699081705,"instability_index":-0.93739928,"constraint_index":-0.248561663,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-10-12T00:00:00.000","rv_2y_20d_z":-1.144237619,"rv_5y_20d_z":-0.959470293,"rv_10y_20d_z":-0.643707766,"rv_slope_20d_z":-0.452725741,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.09688127,"dealer_fails_receive_z":-0.394496963,"dealer_fails_deliver_z":-0.426044794,"fails_factor":-0.410270879,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.182750326,"fails_factor_z_bm":-0.388868848,"instability_index":-0.800035355,"constraint_index":-0.325252062,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-10-19T00:00:00.000","rv_2y_20d_z":-1.02747885,"rv_5y_20d_z":-1.045832064,"rv_10y_20d_z":-0.708214917,"rv_slope_20d_z":-0.483409643,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.00263611,"dealer_fails_receive_z":-0.757945156,"dealer_fails_deliver_z":-0.79291068,"fails_factor":-0.775427918,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.085102054,"fails_factor_z_bm":-0.763697164,"instability_index":-0.816233869,"constraint_index":-0.380688071,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-10-26T00:00:00.000","rv_2y_20d_z":-0.771064777,"rv_5y_20d_z":-0.678186956,"rv_10y_20d_z":-0.40203693,"rv_slope_20d_z":-0.560783459,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.869967925,"dealer_fails_receive_z":-0.922616284,"dealer_fails_deliver_z":-0.820195007,"fails_factor":-0.871405645,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.947643333,"fails_factor_z_bm":-0.862216886,"instability_index":-0.60301803,"constraint_index":-0.372900271,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-11-02T00:00:00.000","rv_2y_20d_z":-0.59580285,"rv_5y_20d_z":-0.652181229,"rv_10y_20d_z":-0.582905514,"rv_slope_20d_z":-1.098252245,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.775573801,"dealer_fails_receive_z":-0.79740873,"dealer_fails_deliver_z":-0.949533912,"fails_factor":-0.873471321,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.849840718,"fails_factor_z_bm":-0.864337272,"instability_index":-0.732285459,"constraint_index":-0.657967918,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-11-09T00:00:00.000","rv_2y_20d_z":-0.542001988,"rv_5y_20d_z":-0.666824023,"rv_10y_20d_z":-0.747328538,"rv_slope_20d_z":-1.379931979,"spread":0.01,"week_delta_spread":4.440892099e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.542463514,"dealer_fails_receive_z":-0.686074408,"dealer_fails_deliver_z":-0.731356655,"fails_factor":-0.708715531,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.608313017,"fails_factor_z_bm":-0.695217883,"instability_index":-0.834021632,"constraint_index":-0.409564396,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-11-16T00:00:00.000","rv_2y_20d_z":-0.418192211,"rv_5y_20d_z":-0.519112935,"rv_10y_20d_z":-0.67308941,"rv_slope_20d_z":-1.370406356,"spread":0.01,"week_delta_spread":-4.44e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.508151921,"dealer_fails_receive_z":-1.088027898,"dealer_fails_deliver_z":-0.966693101,"fails_factor":-1.027360499,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.57276246,"fails_factor_z_bm":-1.022302244,"instability_index":-0.745200228,"constraint_index":-0.467871157,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-11-23T00:00:00.000","rv_2y_20d_z":-0.543065229,"rv_5y_20d_z":-0.654284313,"rv_10y_20d_z":-0.882870722,"rv_slope_20d_z":-1.403582524,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.542155653,"dealer_fails_receive_z":-0.672680314,"dealer_fails_deliver_z":-0.635654627,"fails_factor":-0.654167471,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.607994039,"fails_factor_z_bm":-0.639225103,"instability_index":-0.870950697,"constraint_index":-0.398302045,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-11-30T00:00:00.000","rv_2y_20d_z":-0.637591273,"rv_5y_20d_z":-0.912270936,"rv_10y_20d_z":-1.160315939,"rv_slope_20d_z":-1.324195772,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.227134506,"dealer_fails_receive_z":-0.801633859,"dealer_fails_deliver_z":-0.679611357,"fails_factor":-0.740622608,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.281597746,"fails_factor_z_bm":-0.727970027,"instability_index":-1.00859348,"constraint_index":-0.350771771,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-12-07T00:00:00.000","rv_2y_20d_z":-0.72790489,"rv_5y_20d_z":-1.163110084,"rv_10y_20d_z":-1.428420453,"rv_slope_20d_z":-0.99129095,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.040809145,"dealer_fails_receive_z":-0.708201887,"dealer_fails_deliver_z":-0.828251307,"fails_factor":-0.768226597,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.088544334,"fails_factor_z_bm":-0.756305114,"instability_index":-1.077681594,"constraint_index":-0.013624012,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-12-14T00:00:00.000","rv_2y_20d_z":-0.742112909,"rv_5y_20d_z":-1.206402996,"rv_10y_20d_z":-1.384533524,"rv_slope_20d_z":-0.880528602,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.028340386,"dealer_fails_receive_z":-0.505678832,"dealer_fails_deliver_z":-0.528659176,"fails_factor":-0.517169004,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.016897873,"fails_factor_z_bm":-0.498598197,"instability_index":-1.053394508,"constraint_index":-0.114027441,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-12-21T00:00:00.000","rv_2y_20d_z":-0.651523079,"rv_5y_20d_z":-1.137900011,"rv_10y_20d_z":-1.232887074,"rv_slope_20d_z":-0.720438701,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.104079525,"dealer_fails_receive_z":-0.39323378,"dealer_fails_deliver_z":-0.382866921,"fails_factor":-0.388050351,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.154099354,"fails_factor_z_bm":-0.366059804,"instability_index":-0.935687216,"constraint_index":-0.419164152,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2018-12-28T00:00:00.000","rv_2y_20d_z":-0.388148055,"rv_5y_20d_z":-0.624417433,"rv_10y_20d_z":-0.866194667,"rv_slope_20d_z":-0.660685359,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1061696071,"dealer_fails_receive_z":-0.628839158,"dealer_fails_deliver_z":-0.879388123,"fails_factor":-0.754113641,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.063741695,"fails_factor_z_bm":-0.741818373,"instability_index":-0.634861379,"constraint_index":-0.284473552,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-01-04T00:00:00.000","rv_2y_20d_z":0.081816955,"rv_5y_20d_z":0.047434888,"rv_10y_20d_z":-0.245710998,"rv_slope_20d_z":-0.918035309,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1517032272,"dealer_fails_receive_z":-0.767310132,"dealer_fails_deliver_z":-0.572348174,"fails_factor":-0.669829153,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1109194959,"fails_factor_z_bm":-0.655301589,"instability_index":-0.258623616,"constraint_index":0.046469459,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-01-11T00:00:00.000","rv_2y_20d_z":0.06279232,"rv_5y_20d_z":0.067864672,"rv_10y_20d_z":-0.254451335,"rv_slope_20d_z":-0.889810657,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1502235087,"dealer_fails_receive_z":-0.698597342,"dealer_fails_deliver_z":-0.520748912,"fails_factor":-0.609673127,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.109386346,"fails_factor_z_bm":-0.593552315,"instability_index":-0.25340125,"constraint_index":0.1964426726,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-01-18T00:00:00.000","rv_2y_20d_z":0.1018852679,"rv_5y_20d_z":0.098394266,"rv_10y_20d_z":-0.288083252,"rv_slope_20d_z":-0.915265696,"spread":0.05,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.087445105,"dealer_fails_receive_z":-0.772079736,"dealer_fails_deliver_z":-0.716534036,"fails_factor":-0.744306886,"spread_z_bm":2.2650430759,"week_delta_spread_z_bm":1.6687509502,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.13686428,"fails_factor_z_bm":-0.731751884,"instability_index":-0.250767354,"constraint_index":0.5616867164,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-01-25T00:00:00.000","rv_2y_20d_z":-0.066589036,"rv_5y_20d_z":-0.034672192,"rv_10y_20d_z":-0.338778678,"rv_slope_20d_z":-1.095973069,"spread":0.02,"week_delta_spread":-0.03,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.104019939,"dealer_fails_receive_z":-0.750649186,"dealer_fails_deliver_z":-0.762024141,"fails_factor":-0.756336663,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-2.488101657,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.154037616,"fails_factor_z_bm":-0.744100273,"instability_index":-0.384003244,"constraint_index":-0.689378118,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-02-01T00:00:00.000","rv_2y_20d_z":-0.182596045,"rv_5y_20d_z":-0.240237733,"rv_10y_20d_z":-0.50264618,"rv_slope_20d_z":-1.319696546,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.2476267248,"dealer_fails_receive_z":-1.203739802,"dealer_fails_deliver_z":-1.162575582,"fails_factor":-1.183157692,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.2103067094,"fails_factor_z_bm":-1.182225765,"instability_index":-0.561294126,"constraint_index":0.098892055,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-02-08T00:00:00.000","rv_2y_20d_z":-0.469992198,"rv_5y_20d_z":-0.619336393,"rv_10y_20d_z":-0.812061841,"rv_slope_20d_z":-1.353389743,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.099903148,"dealer_fails_receive_z":-0.72381744,"dealer_fails_deliver_z":-0.709913754,"fails_factor":-0.716865597,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.05724896,"fails_factor_z_bm":-0.703583805,"instability_index":-0.813695044,"constraint_index":-0.3064693,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-02-15T00:00:00.000","rv_2y_20d_z":-0.396908644,"rv_5y_20d_z":-0.554493473,"rv_10y_20d_z":-0.693273164,"rv_slope_20d_z":-1.379931979,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.093229518,"dealer_fails_receive_z":-0.896829931,"dealer_fails_deliver_z":-0.879534158,"fails_factor":-0.888182045,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.050334351,"fails_factor_z_bm":-0.879437612,"instability_index":-0.756151815,"constraint_index":-0.176748879,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-02-22T00:00:00.000","rv_2y_20d_z":-0.445699889,"rv_5y_20d_z":-0.619336393,"rv_10y_20d_z":-0.784816449,"rv_slope_20d_z":-1.492245138,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.069484505,"dealer_fails_receive_z":-0.741349547,"dealer_fails_deliver_z":-0.73252494,"fails_factor":-0.736937243,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.025731926,"fails_factor_z_bm":-0.724187054,"instability_index":-0.835524467,"constraint_index":0.1535848407,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-03-01T00:00:00.000","rv_2y_20d_z":-0.613278613,"rv_5y_20d_z":-0.770029315,"rv_10y_20d_z":-0.864890055,"rv_slope_20d_z":-1.394411718,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.04504968,"dealer_fails_receive_z":-0.371628998,"dealer_fails_deliver_z":-0.363809269,"fails_factor":-0.367719134,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.092937992,"fails_factor_z_bm":-0.34519011,"instability_index":-0.910652425,"constraint_index":-0.264827952,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-03-08T00:00:00.000","rv_2y_20d_z":-0.685337802,"rv_5y_20d_z":-0.85589594,"rv_10y_20d_z":-0.964718139,"rv_slope_20d_z":-1.307984787,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.224304172,"dealer_fails_receive_z":0.614807902,"dealer_fails_deliver_z":0.8431510182,"fails_factor":0.72897946,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.27866521,"fails_factor_z_bm":0.7805548241,"instability_index":-0.953484167,"constraint_index":0.3936537892,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-03-15T00:00:00.000","rv_2y_20d_z":-0.761861694,"rv_5y_20d_z":-0.979923468,"rv_10y_20d_z":-1.046001735,"rv_slope_20d_z":-1.353389743,"spread":0.03,"week_delta_spread":-4.44e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.152542789,"dealer_fails_receive_z":0.82277571,"dealer_fails_deliver_z":1.0094126029,"fails_factor":0.9160941566,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.204312585,"fails_factor_z_bm":0.9726253009,"instability_index":-1.03529416,"constraint_index":0.2806643053,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-03-22T00:00:00.000","rv_2y_20d_z":-0.506449754,"rv_5y_20d_z":-0.642127302,"rv_10y_20d_z":-0.679793165,"rv_slope_20d_z":-1.410988558,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.117903472,"dealer_fails_receive_z":-0.470788851,"dealer_fails_deliver_z":-0.541388617,"fails_factor":-0.506088734,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.168422473,"fails_factor_z_bm":-0.487224463,"instability_index":-0.809839695,"constraint_index":-0.308331719,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-03-29T00:00:00.000","rv_2y_20d_z":-0.531820878,"rv_5y_20d_z":-0.782250485,"rv_10y_20d_z":-1.008080087,"rv_slope_20d_z":-1.347016035,"spread":0.07,"week_delta_spread":0.05,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.013409525,"dealer_fails_receive_z":-0.671547806,"dealer_fails_deliver_z":-0.606447497,"fails_factor":-0.638997652,"spread_z_bm":3.644342968,"week_delta_spread_z_bm":4.1628625144,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.060155337,"fails_factor_z_bm":-0.623653508,"instability_index":-0.917291871,"constraint_index":1.3733304715,"instability_category":"Contained","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-04-05T00:00:00.000","rv_2y_20d_z":-0.397377623,"rv_5y_20d_z":-0.544006431,"rv_10y_20d_z":-0.700559192,"rv_slope_20d_z":-1.28822802,"spread":0.03,"week_delta_spread":-0.04,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.123196694,"dealer_fails_receive_z":-0.431608404,"dealer_fails_deliver_z":-0.329661267,"fails_factor":-0.380634835,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":-3.319472178,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.173906828,"fails_factor_z_bm":-0.358447887,"instability_index":-0.732542816,"constraint_index":-0.644565598,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-04-12T00:00:00.000","rv_2y_20d_z":-0.294811113,"rv_5y_20d_z":-0.401753518,"rv_10y_20d_z":-0.628122889,"rv_slope_20d_z":-1.286056976,"spread":0.04,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.005315762,"dealer_fails_receive_z":-0.641057185,"dealer_fails_deliver_z":-0.593352968,"fails_factor":-0.617205077,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.051769316,"fails_factor_z_bm":-0.601283751,"instability_index":-0.652686124,"constraint_index":0.3005952423,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-04-19T00:00:00.000","rv_2y_20d_z":-0.375179343,"rv_5y_20d_z":-0.517441173,"rv_10y_20d_z":-0.694626541,"rv_slope_20d_z":-1.161538523,"spread":0.04,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.248823803,"dealer_fails_receive_z":-0.619800867,"dealer_fails_deliver_z":-0.577654136,"fails_factor":-0.598727502,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.304070224,"fails_factor_z_bm":-0.582316793,"instability_index":-0.687196395,"constraint_index":0.087654348,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-04-26T00:00:00.000","rv_2y_20d_z":-0.59986339,"rv_5y_20d_z":-0.744711196,"rv_10y_20d_z":-0.995712018,"rv_slope_20d_z":-1.258779221,"spread":0.01,"week_delta_spread":-0.03,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.023523852,"dealer_fails_receive_z":-0.903341856,"dealer_fails_deliver_z":-0.830393163,"fails_factor":-0.86686751,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-2.488101657,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.021888327,"fails_factor_z_bm":-0.857558557,"instability_index":-0.899766456,"constraint_index":-0.823569906,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-05-03T00:00:00.000","rv_2y_20d_z":-0.656854555,"rv_5y_20d_z":-0.902978405,"rv_10y_20d_z":-1.213964367,"rv_slope_20d_z":-1.258779221,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.09575735,"dealer_fails_receive_z":-0.558863185,"dealer_fails_deliver_z":-0.50570724,"fails_factor":-0.532285213,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.145476672,"fails_factor_z_bm":-0.514114763,"instability_index":-1.008144137,"constraint_index":0.02342759,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-05-10T00:00:00.000","rv_2y_20d_z":-0.684114796,"rv_5y_20d_z":-0.822114862,"rv_10y_20d_z":-0.970073428,"rv_slope_20d_z":-1.205290078,"spread":0.04,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.3094273175,"dealer_fails_receive_z":-0.867754947,"dealer_fails_deliver_z":-0.779597097,"fails_factor":-0.823676022,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":1.6687509502,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.274338869,"fails_factor_z_bm":-0.813223131,"instability_index":-0.920398291,"constraint_index":0.4897031075,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-05-17T00:00:00.000","rv_2y_20d_z":-0.523952448,"rv_5y_20d_z":-0.787169678,"rv_10y_20d_z":-0.905431594,"rv_slope_20d_z":-1.330416882,"spread":0.03,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1044912687,"dealer_fails_receive_z":-0.667823594,"dealer_fails_deliver_z":-0.539757885,"fails_factor":-0.60379074,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.062002754,"fails_factor_z_bm":-0.587514132,"instability_index":-0.886742651,"constraint_index":-0.144374618,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-05-24T00:00:00.000","rv_2y_20d_z":-0.214406928,"rv_5y_20d_z":-0.598231983,"rv_10y_20d_z":-0.713678373,"rv_slope_20d_z":-1.13910838,"spread":0.03,"week_delta_spread":4.440892099e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1003401121,"dealer_fails_receive_z":-0.58658787,"dealer_fails_deliver_z":-0.513252415,"fails_factor":-0.549920143,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.057701702,"fails_factor_z_bm":-0.532216759,"instability_index":-0.666356416,"constraint_index":0.032098751,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-05-31T00:00:00.000","rv_2y_20d_z":-0.140364072,"rv_5y_20d_z":-0.523235369,"rv_10y_20d_z":-0.659753103,"rv_slope_20d_z":-1.062295706,"spread":0.01,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.5158232229,"dealer_fails_receive_z":0.1954965372,"dealer_fails_deliver_z":0.5236250215,"fails_factor":0.3595607793,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.4881875551,"fails_factor_z_bm":0.4013519961,"instability_index":-0.596412062,"constraint_index":-0.303498515,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-06-07T00:00:00.000","rv_2y_20d_z":0.243062237,"rv_5y_20d_z":-0.262781869,"rv_10y_20d_z":-0.580831318,"rv_slope_20d_z":-0.544846561,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1674239951,"dealer_fails_receive_z":0.545768426,"dealer_fails_deliver_z":0.7358634958,"fails_factor":0.6408159609,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1272079273,"fails_factor_z_bm":0.6900562925,"instability_index":-0.286349378,"constraint_index":0.318798721,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-06-14T00:00:00.000","rv_2y_20d_z":0.2496121854,"rv_5y_20d_z":-0.279419779,"rv_10y_20d_z":-0.659753103,"rv_slope_20d_z":-0.424583077,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.146201455,"dealer_fails_receive_z":1.0309177512,"dealer_fails_deliver_z":1.1768911513,"fails_factor":1.1039044512,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1052190593,"fails_factor_z_bm":1.1654097987,"instability_index":-0.278535943,"constraint_index":0.5474016381,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-06-21T00:00:00.000","rv_2y_20d_z":0.2870100423,"rv_5y_20d_z":-0.301080196,"rv_10y_20d_z":-0.699201484,"rv_slope_20d_z":-0.058061165,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1605318833,"dealer_fails_receive_z":0.5694422147,"dealer_fails_deliver_z":0.9164852525,"fails_factor":0.742963734,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1200669472,"fails_factor_z_bm":0.7949094748,"instability_index":-0.192833201,"constraint_index":0.005792953,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-06-28T00:00:00.000","rv_2y_20d_z":0.1978215009,"rv_5y_20d_z":-0.334055658,"rv_10y_20d_z":-0.771879616,"rv_slope_20d_z":-0.13094589,"spread":0.0,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.2200185538,"dealer_fails_receive_z":0.099472863,"dealer_fails_deliver_z":0.3509622076,"fails_factor":0.2252175351,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1817016308,"fails_factor_z_bm":0.2634506371,"instability_index":-0.259764916,"constraint_index":-0.53030596,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-07-05T00:00:00.000","rv_2y_20d_z":-0.012056412,"rv_5y_20d_z":-0.355791608,"rv_10y_20d_z":-0.653616727,"rv_slope_20d_z":-0.478908659,"spread":0.01,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.3367474896,"dealer_fails_receive_z":-0.158020425,"dealer_fails_deliver_z":-0.046960593,"fails_factor":-0.102490509,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.3026455492,"fails_factor_z_bm":-0.072936837,"instability_index":-0.375093351,"constraint_index":0.06335763,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-07-12T00:00:00.000","rv_2y_20d_z":0.047606969,"rv_5y_20d_z":-0.340421456,"rv_10y_20d_z":-0.697166784,"rv_slope_20d_z":0.008975216,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.031816235,"dealer_fails_receive_z":0.1396115862,"dealer_fails_deliver_z":0.3055937997,"fails_factor":0.222602693,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.013296514,"fails_factor_z_bm":0.2607665402,"instability_index":-0.245251514,"constraint_index":0.2048398824,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-07-19T00:00:00.000","rv_2y_20d_z":-0.092981166,"rv_5y_20d_z":-0.289203386,"rv_10y_20d_z":-0.518042895,"rv_slope_20d_z":-0.325678097,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.025966877,"dealer_fails_receive_z":0.023180975,"dealer_fails_deliver_z":0.2564284651,"fails_factor":0.1398047201,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.019357087,"fails_factor_z_bm":0.175775642,"instability_index":-0.306476386,"constraint_index":-0.283848609,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-07-26T00:00:00.000","rv_2y_20d_z":-0.255861795,"rv_5y_20d_z":-0.56504998,"rv_10y_20d_z":-0.784816449,"rv_slope_20d_z":-0.300699799,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.2268212866,"dealer_fails_receive_z":-0.593622492,"dealer_fails_deliver_z":-0.518363663,"fails_factor":-0.555993077,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1887500045,"fails_factor_z_bm":-0.538450536,"instability_index":-0.476607006,"constraint_index":-0.218798323,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-08-02T00:00:00.000","rv_2y_20d_z":0.045537349,"rv_5y_20d_z":-0.267679761,"rv_10y_20d_z":-0.572556257,"rv_slope_20d_z":0.016512119,"spread":0.01,"week_delta_spread":-4.44e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.279629754,"dealer_fails_receive_z":-0.394496963,"dealer_fails_deliver_z":-0.207234716,"fails_factor":-0.30086584,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.335988553,"fails_factor_z_bm":-0.276566189,"instability_index":-0.194546637,"constraint_index":-0.271369165,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-08-09T00:00:00.000","rv_2y_20d_z":0.118501927,"rv_5y_20d_z":-0.203783679,"rv_10y_20d_z":-0.46134038,"rv_slope_20d_z":-0.56486944,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.107704339,"dealer_fails_receive_z":0.1778773145,"dealer_fails_deliver_z":0.2830069529,"fails_factor":0.2304421337,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.157855057,"fails_factor_z_bm":0.2688136105,"instability_index":-0.277872893,"constraint_index":-0.126666506,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-08-16T00:00:00.000","rv_2y_20d_z":0.345038516,"rv_5y_20d_z":0.079279967,"rv_10y_20d_z":-0.187026478,"rv_slope_20d_z":-0.412692812,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.081675196,"dealer_fails_receive_z":0.6456034281,"dealer_fails_deliver_z":1.0199028302,"fails_factor":0.8327531292,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.130886024,"fails_factor_z_bm":0.8870769652,"instability_index":-0.043850202,"constraint_index":0.002379972,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-08-23T00:00:00.000","rv_2y_20d_z":0.5759883482,"rv_5y_20d_z":0.3219213344,"rv_10y_20d_z":0.1040012287,"rv_slope_20d_z":-0.429243861,"spread":0.03,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.103990146,"dealer_fails_receive_z":0.3136259114,"dealer_fails_deliver_z":0.4250266201,"fails_factor":0.3693262658,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":1.66875095,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.154006748,"fails_factor_z_bm":0.4113761239,"instability_index":0.1431667625,"constraint_index":0.511023846,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-08-30T00:00:00.000","rv_2y_20d_z":0.2961147568,"rv_5y_20d_z":0.03508526,"rv_10y_20d_z":-0.007226461,"rv_slope_20d_z":-0.753661399,"spread":0.01,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.066331806,"dealer_fails_receive_z":-0.441365402,"dealer_fails_deliver_z":-0.289793535,"fails_factor":-0.365579469,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.114988597,"fails_factor_z_bm":-0.342993775,"instability_index":-0.107421961,"constraint_index":-0.573002899,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-09-06T00:00:00.000","rv_2y_20d_z":0.3157574893,"rv_5y_20d_z":0.122153169,"rv_10y_20d_z":0.073883118,"rv_slope_20d_z":-0.694020215,"spread":0.0,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.104705178,"dealer_fails_receive_z":1.434090866,"dealer_fails_deliver_z":2.1976559881,"fails_factor":1.8158734271,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.154747599,"fails_factor_z_bm":1.8962354532,"instability_index":-0.04555661,"constraint_index":-0.104764739,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-09-13T00:00:00.000","rv_2y_20d_z":0.1185019272,"rv_5y_20d_z":0.042752142,"rv_10y_20d_z":0.095939891,"rv_slope_20d_z":-0.853421851,"spread":0.01,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.156326499,"dealer_fails_receive_z":0.347818964,"dealer_fails_deliver_z":0.4215461039,"fails_factor":0.3846825339,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.208232922,"fails_factor_z_bm":0.4271391068,"instability_index":-0.149056973,"constraint_index":0.061197125,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2019-09-20T00:00:00.000","rv_2y_20d_z":0.180015881,"rv_5y_20d_z":0.1224301199,"rv_10y_20d_z":0.2189377067,"rv_slope_20d_z":-0.691300571,"spread":0.01,"week_delta_spread":-2.22e-16,"repo_backstop_usage":59.15,"dealer_pos_net_z":-0.292510257,"dealer_fails_receive_z":0.2466554421,"dealer_fails_deliver_z":0.4816154335,"fails_factor":0.3641354378,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":5.1591112001,"dealer_pos_net_z_z_bm":-0.34933416,"fails_factor_z_bm":0.4060478156,"instability_index":-0.042479216,"constraint_index":0.945655611,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-09-27T00:00:00.000","rv_2y_20d_z":0.1994028657,"rv_5y_20d_z":0.093163435,"rv_10y_20d_z":0.2328585077,"rv_slope_20d_z":-0.791241422,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":14.45,"dealer_pos_net_z":-0.287326277,"dealer_fails_receive_z":-0.006699833,"dealer_fails_deliver_z":0.3566089193,"fails_factor":0.1749545433,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":1.066317625,"dealer_pos_net_z_z_bm":-0.34396299,"fails_factor_z_bm":0.2118564172,"instability_index":-0.066454153,"constraint_index":0.3935369436,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-10-04T00:00:00.000","rv_2y_20d_z":0.2144366374,"rv_5y_20d_z":0.1368770439,"rv_10y_20d_z":0.1864103665,"rv_slope_20d_z":-0.692659812,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":29.5,"dealer_pos_net_z":-0.447294772,"dealer_fails_receive_z":0.033046869,"dealer_fails_deliver_z":0.169951022,"fails_factor":0.1014989456,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":2.4443163566,"dealer_pos_net_z_z_bm":-0.509707812,"fails_factor_z_bm":0.1364553293,"instability_index":-0.038733941,"constraint_index":0.7588374972,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-10-11T00:00:00.000","rv_2y_20d_z":0.2710289662,"rv_5y_20d_z":0.047816712,"rv_10y_20d_z":-0.079917766,"rv_slope_20d_z":-0.770725008,"spread":0.03,"week_delta_spread":0.0,"repo_backstop_usage":58.35,"dealer_pos_net_z":-0.075031359,"dealer_fails_receive_z":-0.732572604,"dealer_fails_deliver_z":-0.584907239,"fails_factor":-0.658739922,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":5.0858620981,"dealer_pos_net_z_z_bm":-0.124002284,"fails_factor_z_bm":-0.643918657,"instability_index":-0.132949274,"constraint_index":1.0419388496,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-10-18T00:00:00.000","rv_2y_20d_z":0.2060297327,"rv_5y_20d_z":-0.03031308,"rv_10y_20d_z":-0.161771932,"rv_slope_20d_z":-1.048206072,"spread":0.03,"week_delta_spread":-2.22e-16,"repo_backstop_usage":47.95,"dealer_pos_net_z":0.05678276,"dealer_fails_receive_z":-0.854905328,"dealer_fails_deliver_z":-0.732476261,"fails_factor":-0.793690795,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":4.1336237719,"dealer_pos_net_z_z_bm":0.012571532,"fails_factor_z_bm":-0.782443738,"instability_index":-0.258565338,"constraint_index":0.8511009313,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-10-25T00:00:00.000","rv_2y_20d_z":0.046917379,"rv_5y_20d_z":-0.221978878,"rv_10y_20d_z":-0.620133492,"rv_slope_20d_z":-1.030816836,"spread":0.03,"week_delta_spread":2.220446049e-16,"repo_backstop_usage":67.593,"dealer_pos_net_z":0.2055490916,"dealer_fails_receive_z":-0.495791159,"dealer_fails_deliver_z":-0.377901709,"fails_factor":-0.436846434,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":5.9321639105,"dealer_pos_net_z_z_bm":0.1667096886,"fails_factor_z_bm":-0.416148264,"instability_index":-0.456502957,"constraint_index":1.3148956852,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-11-01T00:00:00.000","rv_2y_20d_z":-0.154895098,"rv_5y_20d_z":-0.301080196,"rv_10y_20d_z":-0.392845025,"rv_slope_20d_z":-1.072523871,"spread":0.03,"week_delta_spread":0.0,"repo_backstop_usage":61.383,"dealer_pos_net_z":-0.114924173,"dealer_fails_receive_z":-0.792617347,"dealer_fails_deliver_z":-0.720233606,"fails_factor":-0.756425476,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":5.3635677561,"dealer_pos_net_z_z_bm":-0.165335594,"fails_factor_z_bm":-0.744191438,"instability_index":-0.480336048,"constraint_index":1.0691587631,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-11-08T00:00:00.000","rv_2y_20d_z":-0.220650053,"rv_5y_20d_z":-0.129215862,"rv_10y_20d_z":-0.109728415,"rv_slope_20d_z":-0.897593184,"spread":0.03,"week_delta_spread":0.0,"repo_backstop_usage":63.543,"dealer_pos_net_z":-0.140754696,"dealer_fails_receive_z":-0.578137613,"dealer_fails_deliver_z":-0.670605825,"fails_factor":-0.624371719,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":5.5613403315,"dealer_pos_net_z_z_bm":-0.192098834,"fails_factor_z_bm":-0.608640204,"instability_index":-0.339296879,"constraint_index":1.1304708769,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-11-15T00:00:00.000","rv_2y_20d_z":-0.34692893,"rv_5y_20d_z":-0.208424532,"rv_10y_20d_z":-0.093690651,"rv_slope_20d_z":-0.931168442,"spread":0.04,"week_delta_spread":0.01,"repo_backstop_usage":61.043,"dealer_pos_net_z":0.001328075,"dealer_fails_receive_z":-0.555465659,"dealer_fails_deliver_z":-0.627817381,"fails_factor":-0.59164152,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":5.3324368877,"dealer_pos_net_z_z_bm":-0.044885576,"fails_factor_z_bm":-0.575043137,"instability_index":-0.395053139,"constraint_index":1.4250563468,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-11-22T00:00:00.000","rv_2y_20d_z":-0.334372413,"rv_5y_20d_z":-0.173300186,"rv_10y_20d_z":0.024205905,"rv_slope_20d_z":-0.853421851,"spread":0.02,"week_delta_spread":-0.02,"repo_backstop_usage":64.4,"dealer_pos_net_z":0.1046898886,"dealer_fails_receive_z":-0.220722207,"dealer_fails_deliver_z":-0.121341416,"fails_factor":-0.171031812,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":5.639808432,"dealer_pos_net_z_z_bm":0.062208546,"fails_factor_z_bm":-0.143293474,"instability_index":-0.334222136,"constraint_index":0.819617121,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-11-29T00:00:00.000","rv_2y_20d_z":-0.326696875,"rv_5y_20d_z":-0.203783679,"rv_10y_20d_z":-0.116302139,"rv_slope_20d_z":-0.968063117,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":61.55,"dealer_pos_net_z":0.2458292144,"dealer_fails_receive_z":-0.066526785,"dealer_fails_deliver_z":0.1353649133,"fails_factor":0.034419064,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":5.3788585061,"dealer_pos_net_z_z_bm":0.2084442924,"fails_factor_z_bm":0.06759882,"instability_index":-0.403711452,"constraint_index":1.4756050463,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-12-06T00:00:00.000","rv_2y_20d_z":-0.390361554,"rv_5y_20d_z":-0.186077619,"rv_10y_20d_z":-0.146040726,"rv_slope_20d_z":-0.853421851,"spread":0.03,"week_delta_spread":2.220446049e-16,"repo_backstop_usage":56.1,"dealer_pos_net_z":-0.185752042,"dealer_fails_receive_z":0.566371374,"dealer_fails_deliver_z":0.9142947178,"fails_factor":0.7403330458,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":4.8798489987,"dealer_pos_net_z_z_bm":-0.238720996,"fails_factor_z_bm":0.7922091125,"instability_index":-0.393975437,"constraint_index":1.2650180412,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-12-13T00:00:00.000","rv_2y_20d_z":-0.422134844,"rv_5y_20d_z":-0.243866484,"rv_10y_20d_z":-0.030060332,"rv_slope_20d_z":-0.603055198,"spread":0.04,"week_delta_spread":0.01,"repo_backstop_usage":35.35,"dealer_pos_net_z":-0.041544038,"dealer_fails_receive_z":-0.764435302,"dealer_fails_deliver_z":-0.771954565,"fails_factor":-0.768194933,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":2.9799504151,"dealer_pos_net_z_z_bm":-0.089305764,"fails_factor_z_bm":-0.756272612,"instability_index":-0.324779215,"constraint_index":0.909429119,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-12-20T00:00:00.000","rv_2y_20d_z":-0.470989436,"rv_5y_20d_z":-0.260670799,"rv_10y_20d_z":-0.086157046,"rv_slope_20d_z":-0.575918749,"spread":0.04,"week_delta_spread":0.0,"repo_backstop_usage":16.75,"dealer_pos_net_z":-0.089947717,"dealer_fails_receive_z":-0.48871298,"dealer_fails_deliver_z":-0.438019717,"fails_factor":-0.463366349,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":1.2769087933,"dealer_pos_net_z_z_bm":-0.139457258,"fails_factor_z_bm":-0.443370565,"instability_index":-0.348434007,"constraint_index":0.4550968014,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2019-12-27T00:00:00.000","rv_2y_20d_z":-0.474361462,"rv_5y_20d_z":-0.276729853,"rv_10y_20d_z":-0.072933188,"rv_slope_20d_z":-0.557333645,"spread":0.03,"week_delta_spread":-0.01,"repo_backstop_usage":15.0,"dealer_pos_net_z":-0.210390845,"dealer_fails_receive_z":-0.998646823,"dealer_fails_deliver_z":-0.996338337,"fails_factor":-0.99749258,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":1.1166763826,"dealer_pos_net_z_z_bm":-0.264249486,"fails_factor_z_bm":-0.991643265,"instability_index":-0.345339537,"constraint_index":-0.01576676,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-01-03T00:00:00.000","rv_2y_20d_z":-0.657597348,"rv_5y_20d_z":-0.50782966,"rv_10y_20d_z":-0.280458838,"rv_slope_20d_z":-0.538326605,"spread":0.03,"week_delta_spread":0.0,"repo_backstop_usage":31.3,"dealer_pos_net_z":-0.212764353,"dealer_fails_receive_z":-0.981071159,"dealer_fails_deliver_z":-0.758933053,"fails_factor":-0.870002106,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":2.6091268362,"dealer_pos_net_z_z_bm":-0.266708699,"fails_factor_z_bm":-0.860776173,"instability_index":-0.496053113,"constraint_index":0.474679011,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2020-01-10T00:00:00.000","rv_2y_20d_z":-0.693943533,"rv_5y_20d_z":-0.528403164,"rv_10y_20d_z":-0.386303252,"rv_slope_20d_z":-0.639495198,"spread":0.03,"week_delta_spread":0.0,"repo_backstop_usage":23.0,"dealer_pos_net_z":-0.001224192,"dealer_fails_receive_z":-1.043446256,"dealer_fails_deliver_z":-0.980420451,"fails_factor":-1.011933354,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":1.8491674028,"dealer_pos_net_z_z_bm":-0.047530002,"fails_factor_z_bm":-1.006466506,"instability_index":-0.562036287,"constraint_index":0.337384797,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2020-01-17T00:00:00.000","rv_2y_20d_z":-0.894481419,"rv_5y_20d_z":-1.001106532,"rv_10y_20d_z":-1.122002468,"rv_slope_20d_z":-0.963548531,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":10.88,"dealer_pos_net_z":-0.121339597,"dealer_fails_receive_z":-0.638400146,"dealer_fails_deliver_z":-0.58254633,"fails_factor":-0.610473238,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":0.7394435072,"dealer_pos_net_z_z_bm":-0.171982673,"fails_factor_z_bm":-0.594373618,"instability_index":-0.995284738,"constraint_index":-0.131236032,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-01-24T00:00:00.000","rv_2y_20d_z":-0.824002511,"rv_5y_20d_z":-0.909729695,"rv_10y_20d_z":-0.974848939,"rv_slope_20d_z":-0.947260414,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":28.5,"dealer_pos_net_z":-0.220927633,"dealer_fails_receive_z":-1.012803183,"dealer_fails_deliver_z":-0.79661025,"fails_factor":-0.904706716,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":2.3527549791,"dealer_pos_net_z_z_bm":-0.275166748,"fails_factor_z_bm":-0.896399944,"instability_index":-0.91396039,"constraint_index":0.2766582865,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-01-31T00:00:00.000","rv_2y_20d_z":-0.669560065,"rv_5y_20d_z":-0.6443557,"rv_10y_20d_z":-0.647830237,"rv_slope_20d_z":-1.028660123,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":28.202,"dealer_pos_net_z":-0.00708348,"dealer_fails_receive_z":-0.733487323,"dealer_fails_deliver_z":-0.772928136,"fails_factor":-0.753207729,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":2.3254696886,"dealer_pos_net_z_z_bm":-0.053600864,"fails_factor_z_bm":-0.740888468,"instability_index":-0.747601531,"constraint_index":0.6508207938,"instability_category":"Contained","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2020-02-07T00:00:00.000","rv_2y_20d_z":-0.592036613,"rv_5y_20d_z":-0.575011036,"rv_10y_20d_z":-0.442182006,"rv_slope_20d_z":-0.993385198,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":18.35,"dealer_pos_net_z":-0.416220684,"dealer_fails_receive_z":-0.100785175,"dealer_fails_deliver_z":-0.105277495,"fails_factor":-0.103031335,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":1.423406997,"dealer_pos_net_z_z_bm":-0.477511665,"fails_factor_z_bm":-0.073491987,"instability_index":-0.650653713,"constraint_index":0.048627194,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-02-14T00:00:00.000","rv_2y_20d_z":-0.509928432,"rv_5y_20d_z":-0.523235369,"rv_10y_20d_z":-0.407893501,"rv_slope_20d_z":-1.033842487,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":23.35,"dealer_pos_net_z":-0.180568062,"dealer_fails_receive_z":-0.918892072,"dealer_fails_deliver_z":-0.915191196,"fails_factor":-0.917041634,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":1.8812138849,"dealer_pos_net_z_z_bm":-0.233349827,"fails_factor_z_bm":-0.909061555,"instability_index":-0.618724947,"constraint_index":0.1881811295,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-02-21T00:00:00.000","rv_2y_20d_z":-0.496205163,"rv_5y_20d_z":-0.450562463,"rv_10y_20d_z":-0.410827791,"rv_slope_20d_z":-1.080139687,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":16.35,"dealer_pos_net_z":-0.330257976,"dealer_fails_receive_z":-0.413074463,"dealer_fails_deliver_z":-0.474918058,"fails_factor":-0.44399626,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":1.2402842422,"dealer_pos_net_z_z_bm":-0.388444917,"fails_factor_z_bm":-0.423487455,"instability_index":-0.609433776,"constraint_index":0.1260910031,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-02-28T00:00:00.000","rv_2y_20d_z":0.5363024951,"rv_5y_20d_z":0.3409407724,"rv_10y_20d_z":0.070648516,"rv_slope_20d_z":-0.706659573,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":8.19,"dealer_pos_net_z":-0.036916194,"dealer_fails_receive_z":-0.698553784,"dealer_fails_deliver_z":-0.923515227,"fails_factor":-0.811034506,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":0.4931434017,"dealer_pos_net_z_z_bm":-0.084510812,"fails_factor_z_bm":-0.800246801,"instability_index":0.060308053,"constraint_index":-0.342106307,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-03-06T00:00:00.000","rv_2y_20d_z":0.4629734407,"rv_5y_20d_z":0.1546944915,"rv_10y_20d_z":0.2101873669,"rv_slope_20d_z":-0.115923345,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":65.257,"dealer_pos_net_z":-0.030828493,"dealer_fails_receive_z":0.2661041019,"dealer_fails_deliver_z":0.1438593201,"fails_factor":0.204981711,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":5.7182765326,"dealer_pos_net_z_z_bm":-0.07820329,"fails_factor_z_bm":0.2426788621,"instability_index":0.1779829886,"constraint_index":1.3832451543,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2020-03-13T00:00:00.000","rv_2y_20d_z":0.7427368909,"rv_5y_20d_z":0.9495484706,"rv_10y_20d_z":2.1048067812,"rv_slope_20d_z":0.901049367,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":22.75,"dealer_pos_net_z":0.3378101062,"dealer_fails_receive_z":2.2995671199,"dealer_fails_deliver_z":2.2254027611,"fails_factor":2.2624849405,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":1.8262770584,"dealer_pos_net_z_z_bm":0.3037465361,"fails_factor_z_bm":2.3546755857,"instability_index":1.1745353774,"constraint_index":0.937360465,"instability_category":"Elevated","constraint_category":"High","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"September 2019 repo episode"},{"date":"2020-03-20T00:00:00.000","rv_2y_20d_z":1.2178450515,"rv_5y_20d_z":2.235279256,"rv_10y_20d_z":4.2734557614,"rv_slope_20d_z":2.501883399,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":3.55,"dealer_pos_net_z":0.365984344,"dealer_fails_receive_z":4.3487545862,"dealer_fails_deliver_z":3.8091593583,"fails_factor":4.0789569722,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":0.06829861,"dealer_pos_net_z_z_bm":0.3329381216,"fails_factor_z_bm":4.2192573393,"instability_index":2.5571158669,"constraint_index":0.6603153497,"instability_category":"Extreme","constraint_category":"High","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2020-03-27T00:00:00.000","rv_2y_20d_z":0.9586531387,"rv_5y_20d_z":2.3476446878,"rv_10y_20d_z":4.416399391,"rv_slope_20d_z":2.8115975539,"spread":0.0,"week_delta_spread":-0.01,"repo_backstop_usage":6.5,"dealer_pos_net_z":-0.026985197,"dealer_fails_receive_z":3.5303645615,"dealer_fails_deliver_z":2.2367935416,"fails_factor":2.883579052,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":0.3384046737,"dealer_pos_net_z_z_bm":-0.074221216,"fails_factor_z_bm":2.9922195316,"instability_index":2.6335736929,"constraint_index":0.2495671442,"instability_category":"Extreme","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2020-04-03T00:00:00.000","rv_2y_20d_z":0.7286168635,"rv_5y_20d_z":2.1941063158,"rv_10y_20d_z":4.0928548086,"rv_slope_20d_z":2.7393269364,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.2,"dealer_pos_net_z":-0.105072625,"dealer_fails_receive_z":3.2251752325,"dealer_fails_deliver_z":2.674778788,"fails_factor":2.9499770101,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.238432005,"dealer_pos_net_z_z_bm":-0.155128314,"fails_factor_z_bm":3.0603760569,"instability_index":2.4387262311,"constraint_index":0.2979237983,"instability_category":"Extreme","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2020-04-10T00:00:00.000","rv_2y_20d_z":0.4222307917,"rv_5y_20d_z":1.8132488147,"rv_10y_20d_z":3.2315121426,"rv_slope_20d_z":2.3086729489,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.039929859,"dealer_fails_receive_z":2.222404072,"dealer_fails_deliver_z":1.9282202185,"fails_factor":2.0753121451,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.004889914,"fails_factor_z_bm":2.1625454714,"instability_index":1.9439161745,"constraint_index":0.1447429061,"instability_category":"Extreme","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2020-04-17T00:00:00.000","rv_2y_20d_z":-0.284780054,"rv_5y_20d_z":0.5260517767,"rv_10y_20d_z":1.2481529016,"rv_slope_20d_z":1.1550128326,"spread":0.01,"week_delta_spread":0.01,"repo_backstop_usage":9.6,"dealer_pos_net_z":-0.110216881,"dealer_fails_receive_z":1.0840803253,"dealer_fails_deliver_z":0.878589002,"fails_factor":0.981334664,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":0.622244944,"dealer_pos_net_z_z_bm":-0.160458325,"fails_factor_z_bm":1.0395937193,"instability_index":0.6611093644,"constraint_index":0.3690408118,"instability_category":"Elevated","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"September 2019 repo episode"},{"date":"2020-04-24T00:00:00.000","rv_2y_20d_z":-0.947241805,"rv_5y_20d_z":-0.6443557,"rv_10y_20d_z":0.030422141,"rv_slope_20d_z":0.3382577347,"spread":0.0,"week_delta_spread":-0.01,"repo_backstop_usage":1.5,"dealer_pos_net_z":0.051459746,"dealer_fails_receive_z":0.6336467492,"dealer_fails_deliver_z":0.5423175844,"fails_factor":0.5879821668,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.119402214,"dealer_pos_net_z_z_bm":0.007056308,"fails_factor_z_bm":0.6358231819,"instability_index":-0.305729407,"constraint_index":-0.297017999,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-05-01T00:00:00.000","rv_2y_20d_z":-0.974219883,"rv_5y_20d_z":-0.819588296,"rv_10y_20d_z":-0.192482833,"rv_slope_20d_z":0.066063707,"spread":0.01,"week_delta_spread":0.01,"repo_backstop_usage":4.0,"dealer_pos_net_z":0.037476903,"dealer_fails_receive_z":0.3323776428,"dealer_fails_deliver_z":0.210816665,"fails_factor":0.2715971537,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":0.1095012299,"dealer_pos_net_z_z_bm":-0.007431444,"fails_factor_z_bm":0.3110586315,"instability_index":-0.480056826,"constraint_index":0.1513904275,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-05-08T00:00:00.000","rv_2y_20d_z":-1.001205082,"rv_5y_20d_z":-0.818799729,"rv_10y_20d_z":-0.072299202,"rv_slope_20d_z":0.2578093064,"spread":0.01,"week_delta_spread":-3.47e-18,"repo_backstop_usage":15.0,"dealer_pos_net_z":-0.207927958,"dealer_fails_receive_z":0.6992451406,"dealer_fails_deliver_z":0.3438308001,"fails_factor":0.5215379704,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":1.1166763826,"dealer_pos_net_z_z_bm":-0.261697666,"fails_factor_z_bm":0.5676191941,"instability_index":-0.408623677,"constraint_index":0.187010222,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-05-15T00:00:00.000","rv_2y_20d_z":-1.06585112,"rv_5y_20d_z":-1.00550031,"rv_10y_20d_z":-0.451889039,"rv_slope_20d_z":-0.119169382,"spread":0.01,"week_delta_spread":6.938893904e-18,"repo_backstop_usage":8.5,"dealer_pos_net_z":0.052025813,"dealer_fails_receive_z":0.1273500011,"dealer_fails_deliver_z":-0.078406935,"fails_factor":0.024471533,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":0.5215274287,"dealer_pos_net_z_z_bm":0.007642815,"fails_factor_z_bm":0.057387826,"instability_index":-0.660602463,"constraint_index":0.019802254,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-05-22T00:00:00.000","rv_2y_20d_z":-1.052944176,"rv_5y_20d_z":-0.834661008,"rv_10y_20d_z":-0.343186244,"rv_slope_20d_z":-0.06780334,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.5,"dealer_pos_net_z":0.1332514353,"dealer_fails_receive_z":-0.325805952,"dealer_fails_deliver_z":-0.327762803,"fails_factor":-0.326784378,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.210963591,"dealer_pos_net_z_z_bm":0.091801425,"fails_factor_z_bm":-0.303171186,"instability_index":-0.574648692,"constraint_index":-0.181976031,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-05-29T00:00:00.000","rv_2y_20d_z":-1.119600369,"rv_5y_20d_z":-0.919073263,"rv_10y_20d_z":-0.445910189,"rv_slope_20d_z":0.012746759,"spread":0.01,"week_delta_spread":-6.94e-18,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.5932055495,"dealer_fails_receive_z":-0.320448314,"dealer_fails_deliver_z":-0.488499373,"fails_factor":-0.404473844,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.5683640917,"fails_factor_z_bm":-0.382918277,"instability_index":-0.617959265,"constraint_index":-0.111769053,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-06-05T00:00:00.000","rv_2y_20d_z":-1.109793991,"rv_5y_20d_z":-0.880127579,"rv_10y_20d_z":-0.352885377,"rv_slope_20d_z":0.055682513,"spread":0.01,"week_delta_spread":1.387778781e-17,"repo_backstop_usage":45.0,"dealer_pos_net_z":0.2071281201,"dealer_fails_receive_z":-0.68272044,"dealer_fails_deliver_z":-0.763508836,"fails_factor":-0.723114638,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":3.8635177082,"dealer_pos_net_z_z_bm":0.1683457345,"fails_factor_z_bm":-0.709998354,"instability_index":-0.571781109,"constraint_index":0.5668636575,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2020-06-12T00:00:00.000","rv_2y_20d_z":-1.058981755,"rv_5y_20d_z":-0.701035632,"rv_10y_20d_z":0.050431813,"rv_slope_20d_z":0.7082263375,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":18.25,"dealer_pos_net_z":0.1869284727,"dealer_fails_receive_z":-0.339853416,"dealer_fails_deliver_z":-0.345141046,"fails_factor":-0.342497231,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":1.4142508595,"dealer_pos_net_z_z_bm":0.147416695,"fails_factor_z_bm":-0.319300198,"instability_index":-0.250339809,"constraint_index":0.4551682045,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2020-06-19T00:00:00.000","rv_2y_20d_z":-1.052693978,"rv_5y_20d_z":-0.880127579,"rv_10y_20d_z":-0.111660026,"rv_slope_20d_z":0.5608794394,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1268459424,"dealer_fails_receive_z":0.922109795,"dealer_fails_deliver_z":0.7811832251,"fails_factor":0.8516465101,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.085164636,"fails_factor_z_bm":0.9064707421,"instability_index":-0.370900536,"constraint_index":0.491602942,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2020-06-26T00:00:00.000","rv_2y_20d_z":-1.056962173,"rv_5y_20d_z":-0.919755568,"rv_10y_20d_z":-0.150225645,"rv_slope_20d_z":0.5372032514,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.5049388505,"dealer_fails_receive_z":-0.444153116,"dealer_fails_deliver_z":-0.323308716,"fails_factor":-0.383730916,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.4769101572,"fails_factor_z_bm":-0.361625968,"instability_index":-0.397435034,"constraint_index":-0.154145494,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-07-03T00:00:00.000","rv_2y_20d_z":-1.134818823,"rv_5y_20d_z":-1.045832064,"rv_10y_20d_z":-0.448150267,"rv_slope_20d_z":0.2079466326,"spread":0.04,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.3484660657,"dealer_fails_receive_z":-0.82811714,"dealer_fails_deliver_z":-0.790355056,"fails_factor":-0.809236098,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":1.6687509502,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.3147872732,"fails_factor_z_bm":-0.798400763,"instability_index":-0.605213631,"constraint_index":0.500757262,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2020-07-10T00:00:00.000","rv_2y_20d_z":-1.321560673,"rv_5y_20d_z":-1.57057889,"rv_10y_20d_z":-1.184231993,"rv_slope_20d_z":-0.532139688,"spread":0.02,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.4593257824,"dealer_fails_receive_z":-0.77464966,"dealer_fails_deliver_z":-0.768668763,"fails_factor":-0.771659211,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.42965004,"fails_factor_z_bm":-0.759828642,"instability_index":-1.152127811,"constraint_index":-0.409512156,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-07-17T00:00:00.000","rv_2y_20d_z":-1.292963805,"rv_5y_20d_z":-1.556596748,"rv_10y_20d_z":-1.395349288,"rv_slope_20d_z":-0.633912312,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.3555071424,"dealer_fails_receive_z":-0.807906215,"dealer_fails_deliver_z":-0.771881547,"fails_factor":-0.789893881,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.3220825972,"fails_factor_z_bm":-0.778546262,"instability_index":-1.219705538,"constraint_index":0.2019831335,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-07-24T00:00:00.000","rv_2y_20d_z":-1.210571709,"rv_5y_20d_z":-1.556596748,"rv_10y_20d_z":-1.437404971,"rv_slope_20d_z":-0.592468161,"spread":0.03,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.4272685249,"dealer_fails_receive_z":-0.46926432,"dealer_fails_deliver_z":-0.452550264,"fails_factor":-0.460907292,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.3964352222,"fails_factor_z_bm":-0.44084638,"instability_index":-1.199260397,"constraint_index":0.1181195306,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-07-31T00:00:00.000","rv_2y_20d_z":-1.189099449,"rv_5y_20d_z":-1.45814907,"rv_10y_20d_z":-1.474090852,"rv_slope_20d_z":-0.680468134,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.3605123648,"dealer_fails_receive_z":-0.703388725,"dealer_fails_deliver_z":-0.636311787,"fails_factor":-0.669850256,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.3272685539,"fails_factor_z_bm":-0.655323251,"instability_index":-1.200451877,"constraint_index":-0.242813271,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-08-07T00:00:00.000","rv_2y_20d_z":-1.158717862,"rv_5y_20d_z":-1.412574395,"rv_10y_20d_z":-1.596126411,"rv_slope_20d_z":-0.874758371,"spread":0.02,"week_delta_spread":-1.39e-17,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1483564813,"dealer_fails_receive_z":-0.806076778,"dealer_fails_deliver_z":-0.88919685,"fails_factor":-0.847636814,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1074519018,"fails_factor_z_bm":-0.837818531,"instability_index":-1.26054426,"constraint_index":-0.157001553,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-08-14T00:00:00.000","rv_2y_20d_z":-1.174606205,"rv_5y_20d_z":-1.260477666,"rv_10y_20d_z":-1.321632095,"rv_slope_20d_z":-0.737135701,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.307897944,"dealer_fails_receive_z":-0.581752929,"dealer_fails_deliver_z":-0.505658561,"fails_factor":-0.543705745,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.2727542711,"fails_factor_z_bm":-0.525837771,"instability_index":-1.123462917,"constraint_index":-0.061544927,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-08-21T00:00:00.000","rv_2y_20d_z":-1.215764846,"rv_5y_20d_z":-1.196661075,"rv_10y_20d_z":-1.255958637,"rv_slope_20d_z":-0.737135701,"spread":0.02,"week_delta_spread":1.387778781e-17,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1485054463,"dealer_fails_receive_z":-0.768377304,"dealer_fails_deliver_z":-0.778112401,"fails_factor":-0.773244852,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1076062458,"fails_factor_z_bm":-0.76145628,"instability_index":-1.101380065,"constraint_index":-0.141698234,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-08-28T00:00:00.000","rv_2y_20d_z":-1.197027035,"rv_5y_20d_z":-1.239245712,"rv_10y_20d_z":-1.269608549,"rv_slope_20d_z":-0.586083909,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.4103758994,"dealer_fails_receive_z":-1.049631496,"dealer_fails_deliver_z":-1.033090642,"fails_factor":-1.041361069,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.3789326184,"fails_factor_z_bm":-1.036673622,"instability_index":-1.072991301,"constraint_index":-0.142476428,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-09-04T00:00:00.000","rv_2y_20d_z":-1.194368514,"rv_5y_20d_z":-1.15126605,"rv_10y_20d_z":-0.882870722,"rv_slope_20d_z":-0.202484395,"spread":0.02,"week_delta_spread":-1.39e-17,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.090965251,"dealer_fails_receive_z":-0.778286755,"dealer_fails_deliver_z":-0.666687202,"fails_factor":-0.722486979,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.047988323,"fails_factor_z_bm":-0.709354071,"instability_index":-0.85774742,"constraint_index":-0.143201377,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-09-11T00:00:00.000","rv_2y_20d_z":-1.224567491,"rv_5y_20d_z":-1.213551802,"rv_10y_20d_z":-0.978040656,"rv_slope_20d_z":-0.240515334,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.302525275,"dealer_fails_receive_z":-0.62328551,"dealer_fails_deliver_z":-0.73921824,"fails_factor":-0.681251875,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.2671875994,"fails_factor_z_bm":-0.667026845,"instability_index":-0.914168821,"constraint_index":-0.090896076,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-09-18T00:00:00.000","rv_2y_20d_z":-1.23612109,"rv_5y_20d_z":-1.316301586,"rv_10y_20d_z":-1.0410015,"rv_slope_20d_z":-0.325678097,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.048361275,"dealer_fails_receive_z":-0.909592433,"dealer_fails_deliver_z":-1.077826228,"fails_factor":-0.993709331,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.003845954,"fails_factor_z_bm":-0.987759816,"instability_index":-0.979775569,"constraint_index":-0.207710999,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-09-25T00:00:00.000","rv_2y_20d_z":-1.315542075,"rv_5y_20d_z":-1.383516324,"rv_10y_20d_z":-1.212790568,"rv_slope_20d_z":-0.637851207,"spread":0.02,"week_delta_spread":1.387778781e-17,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.2187573172,"dealer_fails_receive_z":-0.925600009,"dealer_fails_deliver_z":-0.77648167,"fails_factor":-0.851040839,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1803948521,"fails_factor_z_bm":-0.841312713,"instability_index":-1.137425043,"constraint_index":-0.143111799,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-10-02T00:00:00.000","rv_2y_20d_z":-1.21437368,"rv_5y_20d_z":-1.354201709,"rv_10y_20d_z":-1.291356715,"rv_slope_20d_z":-0.723209127,"spread":0.04,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.035575509,"dealer_fails_receive_z":-0.844407843,"dealer_fails_deliver_z":-0.706895684,"fails_factor":-0.775651763,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":1.6687509502,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.083121717,"fails_factor_z_bm":-0.763926938,"instability_index":-1.145785308,"constraint_index":0.428070229,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2020-10-09T00:00:00.000","rv_2y_20d_z":-1.090179685,"rv_5y_20d_z":-1.388742005,"rv_10y_20d_z":-1.320355776,"rv_slope_20d_z":-0.880914128,"spread":0.03,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.100896248,"dealer_fails_receive_z":-0.743963029,"dealer_fails_deliver_z":-0.753164645,"fails_factor":-0.748563837,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.05827792,"fails_factor_z_bm":-0.736121581,"instability_index":-1.170047899,"constraint_index":-0.174841074,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-10-16T00:00:00.000","rv_2y_20d_z":-1.077489471,"rv_5y_20d_z":-1.313032643,"rv_10y_20d_z":-1.15873612,"rv_slope_20d_z":-0.657688806,"spread":0.03,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1335592962,"dealer_fails_receive_z":-1.138620549,"dealer_fails_deliver_z":-1.266650321,"fails_factor":-1.202635435,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.092120403,"fails_factor_z_bm":-1.20221938,"instability_index":-1.05173676,"constraint_index":-0.095018033,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-10-23T00:00:00.000","rv_2y_20d_z":-1.01678735,"rv_5y_20d_z":-1.304046243,"rv_10y_20d_z":-1.082975793,"rv_slope_20d_z":-0.445355432,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.020693518,"dealer_fails_receive_z":-0.63809524,"dealer_fails_deliver_z":-0.967009511,"fails_factor":-0.802552375,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.024820862,"fails_factor_z_bm":-0.79154002,"instability_index":-0.962291205,"constraint_index":-0.340474508,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-10-30T00:00:00.000","rv_2y_20d_z":-1.082477575,"rv_5y_20d_z":-1.314288412,"rv_10y_20d_z":-0.889474513,"rv_slope_20d_z":-0.182825914,"spread":0.02,"week_delta_spread":-1.39e-17,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.062075982,"dealer_fails_receive_z":-0.902666707,"dealer_fails_deliver_z":-0.909836555,"fails_factor":-0.906251631,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.018055887,"fails_factor_z_bm":-0.897985776,"instability_index":-0.867266604,"constraint_index":-0.186914205,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-11-06T00:00:00.000","rv_2y_20d_z":-1.069188546,"rv_5y_20d_z":-1.257884263,"rv_10y_20d_z":-0.598290785,"rv_slope_20d_z":0.050358738,"spread":0.02,"week_delta_spread":1.387778781e-17,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.069241588,"dealer_fails_receive_z":-0.406453642,"dealer_fails_deliver_z":-0.262533548,"fails_factor":-0.334493595,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.118003449,"fails_factor_z_bm":-0.311084584,"instability_index":-0.718751214,"constraint_index":-0.096745834,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-11-13T00:00:00.000","rv_2y_20d_z":-1.090179685,"rv_5y_20d_z":-0.916517988,"rv_10y_20d_z":0.052726092,"rv_slope_20d_z":0.7407701697,"spread":0.02,"week_delta_spread":-1.39e-17,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.076143631,"dealer_fails_receive_z":-0.734489157,"dealer_fails_deliver_z":-0.635678966,"fails_factor":-0.685084062,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.125154719,"fails_factor_z_bm":-0.670960528,"instability_index":-0.303300353,"constraint_index":-0.170151276,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-11-20T00:00:00.000","rv_2y_20d_z":-1.061770378,"rv_5y_20d_z":-0.919755568,"rv_10y_20d_z":0.070648516,"rv_slope_20d_z":0.756466726,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.279858167,"dealer_fails_receive_z":-0.456262248,"dealer_fails_deliver_z":-0.456833977,"fails_factor":-0.456548112,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.336225214,"fails_factor_z_bm":-0.436371746,"instability_index":-0.288602676,"constraint_index":-0.469651713,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-11-27T00:00:00.000","rv_2y_20d_z":-1.093130025,"rv_5y_20d_z":-0.924713654,"rv_10y_20d_z":0.08153446,"rv_slope_20d_z":0.7513029655,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1182456992,"dealer_fails_receive_z":-0.630864607,"dealer_fails_deliver_z":-0.530825371,"fails_factor":-0.580844989,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.076253845,"fails_factor_z_bm":-0.563960657,"instability_index":-0.296251563,"constraint_index":0.057804515,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-12-04T00:00:00.000","rv_2y_20d_z":-1.188772217,"rv_5y_20d_z":-0.965126105,"rv_10y_20d_z":-0.192482833,"rv_slope_20d_z":0.4937270994,"spread":0.02,"week_delta_spread":-1.39e-17,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.006179759,"dealer_fails_receive_z":-0.859478921,"dealer_fails_deliver_z":-0.814523956,"fails_factor":-0.837001438,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.052664511,"fails_factor_z_bm":-0.826901475,"instability_index":-0.463163514,"constraint_index":-0.186841424,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-12-11T00:00:00.000","rv_2y_20d_z":-1.148715992,"rv_5y_20d_z":-1.357640858,"rv_10y_20d_z":-0.944061439,"rv_slope_20d_z":-0.406920019,"spread":0.02,"week_delta_spread":1.387778781e-17,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.038137707,"dealer_fails_receive_z":-0.812893609,"dealer_fails_deliver_z":-0.721426231,"fails_factor":-0.76715992,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.085776433,"fails_factor_z_bm":-0.755210186,"instability_index":-0.964334577,"constraint_index":-0.179125551,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-12-18T00:00:00.000","rv_2y_20d_z":-1.151423089,"rv_5y_20d_z":-1.382147069,"rv_10y_20d_z":-1.027747671,"rv_slope_20d_z":-0.48100772,"spread":0.02,"week_delta_spread":-1.39e-17,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.092454901,"dealer_fails_receive_z":-0.941520468,"dealer_fails_deliver_z":-0.855900723,"fails_factor":-0.898710596,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.049531763,"fails_factor_z_bm":-0.890245015,"instability_index":-1.010581387,"constraint_index":-0.179070877,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2020-12-25T00:00:00.000","rv_2y_20d_z":-1.179706033,"rv_5y_20d_z":-1.36162779,"rv_10y_20d_z":-1.03913067,"rv_slope_20d_z":-0.440653902,"spread":0.02,"week_delta_spread":1.387778781e-17,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.198041258,"dealer_fails_receive_z":-0.912184136,"dealer_fails_deliver_z":-0.732232869,"fails_factor":-0.822208502,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1589307536,"fails_factor_z_bm":-0.811716744,"instability_index":-1.005279599,"constraint_index":-0.141485425,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-01-01T00:00:00.000","rv_2y_20d_z":-1.183892471,"rv_5y_20d_z":-1.612758614,"rv_10y_20d_z":-1.455308091,"rv_slope_20d_z":-0.880914128,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1124162041,"dealer_fails_receive_z":-1.380694294,"dealer_fails_deliver_z":-1.425537105,"fails_factor":-1.4031157,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.070213852,"fails_factor_z_bm":-1.408009416,"instability_index":-1.283218326,"constraint_index":-0.582691433,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-01-08T00:00:00.000","rv_2y_20d_z":-1.175875805,"rv_5y_20d_z":-1.422615207,"rv_10y_20d_z":-1.236465357,"rv_slope_20d_z":-0.632601435,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.112565169,"dealer_fails_receive_z":-1.380280493,"dealer_fails_deliver_z":-1.304181482,"fails_factor":-1.342230987,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.070368196,"fails_factor_z_bm":-1.345512157,"instability_index":-1.116889451,"constraint_index":-0.099682915,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-01-15T00:00:00.000","rv_2y_20d_z":-1.258360888,"rv_5y_20d_z":-1.38791451,"rv_10y_20d_z":-1.011340595,"rv_slope_20d_z":-0.53739717,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.025674306,"dealer_fails_receive_z":-1.032164726,"dealer_fails_deliver_z":-1.032384803,"fails_factor":-1.032274765,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.072862989,"fails_factor_z_bm":-1.027346665,"instability_index":-1.048753291,"constraint_index":0.073233936,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-01-22T00:00:00.000","rv_2y_20d_z":-1.243143834,"rv_5y_20d_z":-1.401264429,"rv_10y_20d_z":-0.996722096,"rv_slope_20d_z":-0.490936396,"spread":0.01,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.295866934,"dealer_fails_receive_z":-0.818926396,"dealer_fails_deliver_z":-0.913195375,"fails_factor":-0.866060886,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.352812044,"fails_factor_z_bm":-0.856730569,"instability_index":-1.033016689,"constraint_index":-0.723314947,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-01-29T00:00:00.000","rv_2y_20d_z":-1.207828093,"rv_5y_20d_z":-1.345798905,"rv_10y_20d_z":-0.860238931,"rv_slope_20d_z":-0.219446097,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.235476543,"dealer_fails_receive_z":-0.34375186,"dealer_fails_deliver_z":-0.176737605,"fails_factor":-0.260244732,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.290241007,"fails_factor_z_bm":-0.234869221,"instability_index":-0.908328007,"constraint_index":0.050323832,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-02-05T00:00:00.000","rv_2y_20d_z":-1.260306936,"rv_5y_20d_z":-1.433383113,"rv_10y_20d_z":-1.019522192,"rv_slope_20d_z":-0.260467005,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.354469746,"dealer_fails_receive_z":-0.498295746,"dealer_fails_deliver_z":-0.435561451,"fails_factor":-0.466928598,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.413530953,"fails_factor_z_bm":-0.447027162,"instability_index":-0.993419811,"constraint_index":-0.487243944,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-02-12T00:00:00.000","rv_2y_20d_z":-1.260306936,"rv_5y_20d_z":-1.399022923,"rv_10y_20d_z":-1.227181907,"rv_slope_20d_z":-0.394281961,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.000677987,"dealer_fails_receive_z":-0.690364874,"dealer_fails_deliver_z":-0.691634959,"fails_factor":-0.690999916,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.046964074,"fails_factor_z_bm":-0.677033066,"instability_index":-1.070198432,"constraint_index":0.010546449,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-02-19T00:00:00.000","rv_2y_20d_z":-1.275851863,"rv_5y_20d_z":-1.204624257,"rv_10y_20d_z":-0.882682426,"rv_slope_20d_z":-0.096053753,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.077911349,"dealer_fails_receive_z":-1.053856625,"dealer_fails_deliver_z":-1.005806315,"fails_factor":-1.02983147,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.126986267,"fails_factor_z_bm":-1.024838659,"instability_index":-0.864803074,"constraint_index":-0.545497306,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-02-26T00:00:00.000","rv_2y_20d_z":-1.083533493,"rv_5y_20d_z":-0.166201954,"rv_10y_20d_z":-0.033678027,"rv_slope_20d_z":0.3547090851,"spread":0.0,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1540568735,"dealer_fails_receive_z":-0.786671676,"dealer_fails_deliver_z":-0.868046021,"fails_factor":-0.827358848,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1133581303,"fails_factor_z_bm":-0.817003498,"instability_index":-0.232176097,"constraint_index":-0.593791383,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-03-05T00:00:00.000","rv_2y_20d_z":-1.079584226,"rv_5y_20d_z":-0.043118764,"rv_10y_20d_z":0.050794202,"rv_slope_20d_z":0.4515376264,"spread":0.01,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.488279996,"dealer_fails_receive_z":-0.039085227,"dealer_fails_deliver_z":0.077461779,"fails_factor":0.019188276,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.552172978,"fails_factor_z_bm":0.051964641,"instability_index":-0.15509279,"constraint_index":-0.082625779,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-03-12T00:00:00.000","rv_2y_20d_z":-1.048953914,"rv_5y_20d_z":0.133480593,"rv_10y_20d_z":0.2189377067,"rv_slope_20d_z":0.6275975503,"spread":0.0,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.64783139,"dealer_fails_receive_z":0.016037458,"dealer_fails_deliver_z":0.050469524,"fails_factor":0.033253491,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.717485637,"fails_factor_z_bm":0.066402377,"instability_index":-0.017234516,"constraint_index":-0.583278962,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-03-19T00:00:00.000","rv_2y_20d_z":-1.023655866,"rv_5y_20d_z":0.1626902007,"rv_10y_20d_z":0.1527948352,"rv_slope_20d_z":0.5599285686,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.013977309,"dealer_fails_receive_z":-0.202275382,"dealer_fails_deliver_z":-0.04973527,"fails_factor":-0.126005326,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.096852773,"fails_factor_z_bm":-0.09707445,"instability_index":-0.037060565,"constraint_index":-0.52557365,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-03-26T00:00:00.000","rv_2y_20d_z":-1.200709318,"rv_5y_20d_z":-0.559631007,"rv_10y_20d_z":-0.459086192,"rv_slope_20d_z":0.2578093064,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.622457693,"dealer_fails_receive_z":-0.49622674,"dealer_fails_deliver_z":-0.458756779,"fails_factor":-0.477491759,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.691195717,"fails_factor_z_bm":-0.457870091,"instability_index":-0.490404303,"constraint_index":-0.516601367,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-04-02T00:00:00.000","rv_2y_20d_z":-1.163644293,"rv_5y_20d_z":-0.627584475,"rv_10y_20d_z":-0.469173779,"rv_slope_20d_z":0.3266800988,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.803311075,"dealer_fails_receive_z":-0.78061711,"dealer_fails_deliver_z":-0.639865321,"fails_factor":-0.710241216,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.878579561,"fails_factor_z_bm":-0.696783976,"instability_index":-0.483430612,"constraint_index":-0.601860913,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-04-09T00:00:00.000","rv_2y_20d_z":-1.163334871,"rv_5y_20d_z":-0.772312516,"rv_10y_20d_z":-0.64123855,"rv_slope_20d_z":-0.029087205,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.119474287,"dealer_fails_receive_z":-0.970965696,"dealer_fails_deliver_z":-0.968761939,"fails_factor":-0.969863817,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.206159158,"fails_factor_z_bm":-0.963282748,"instability_index":-0.651493285,"constraint_index":-0.720676587,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-04-16T00:00:00.000","rv_2y_20d_z":-1.200709318,"rv_5y_20d_z":-0.758971303,"rv_10y_20d_z":-0.598290785,"rv_slope_20d_z":0.077773891,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.086265034,"dealer_fails_receive_z":-0.367425648,"dealer_fails_deliver_z":-0.331365016,"fails_factor":-0.349395332,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.171750747,"fails_factor_z_bm":-0.326380998,"instability_index":-0.620049379,"constraint_index":-0.586414554,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-04-23T00:00:00.000","rv_2y_20d_z":-1.202056167,"rv_5y_20d_z":-0.79690667,"rv_10y_20d_z":-0.790517323,"rv_slope_20d_z":-0.17793997,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.955364566,"dealer_fails_receive_z":-0.736558164,"dealer_fails_deliver_z":-0.76136698,"fails_factor":-0.748962572,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.036123574,"fails_factor_z_bm":-0.736530877,"instability_index":-0.741855033,"constraint_index":-0.641319096,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-04-30T00:00:00.000","rv_2y_20d_z":-1.224567491,"rv_5y_20d_z":-1.008438905,"rv_10y_20d_z":-0.94113209,"rv_slope_20d_z":-0.30370241,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.841833411,"dealer_fails_receive_z":-0.886811584,"dealer_fails_deliver_z":-0.814110188,"fails_factor":-0.850460886,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.918492906,"fails_factor_z_bm":-0.8407174,"instability_index":-0.869460224,"constraint_index":-0.638630267,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-05-07T00:00:00.000","rv_2y_20d_z":-1.292536148,"rv_5y_20d_z":-1.100221918,"rv_10y_20d_z":-1.131926575,"rv_slope_20d_z":-0.367279462,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.077922997,"dealer_fails_receive_z":-0.728891951,"dealer_fails_deliver_z":-0.654128136,"fails_factor":-0.691510044,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.163107486,"fails_factor_z_bm":-0.677556704,"instability_index":-0.972991026,"constraint_index":-0.654921043,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-05-14T00:00:00.000","rv_2y_20d_z":-1.326746301,"rv_5y_20d_z":-1.073365441,"rv_10y_20d_z":-1.359765707,"rv_slope_20d_z":-0.586083909,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.973190705,"dealer_fails_receive_z":-0.711403402,"dealer_fails_deliver_z":-0.763654872,"fails_factor":-0.737529137,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.0545934,"fails_factor_z_bm":-0.724794625,"instability_index":-1.086490339,"constraint_index":-0.64266581,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-05-21T00:00:00.000","rv_2y_20d_z":-1.29988142,"rv_5y_20d_z":-1.008438905,"rv_10y_20d_z":-1.227181907,"rv_slope_20d_z":-0.427786109,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.079104785,"dealer_fails_receive_z":-0.775912843,"dealer_fails_deliver_z":-0.725052783,"fails_factor":-0.750482813,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.164331948,"fails_factor_z_bm":-0.738091382,"instability_index":-0.990822085,"constraint_index":-0.667272871,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-05-28T00:00:00.000","rv_2y_20d_z":-1.310086609,"rv_5y_20d_z":-1.009911047,"rv_10y_20d_z":-1.131926575,"rv_slope_20d_z":-0.412981919,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.845696569,"dealer_fails_receive_z":-0.532205671,"dealer_fails_deliver_z":-0.25574289,"fails_factor":-0.393974281,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.922495559,"fails_factor_z_bm":-0.372140631,"instability_index":-0.966226537,"constraint_index":-0.545715443,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-06-04T00:00:00.000","rv_2y_20d_z":-1.127582984,"rv_5y_20d_z":-0.851524141,"rv_10y_20d_z":-0.816221725,"rv_slope_20d_z":-0.31026942,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.658924313,"dealer_fails_receive_z":-0.192649058,"dealer_fails_deliver_z":-0.091793536,"fails_factor":-0.142221297,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.728979116,"fails_factor_z_bm":-0.113719906,"instability_index":-0.776399567,"constraint_index":-0.45532801,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-06-11T00:00:00.000","rv_2y_20d_z":-1.061770378,"rv_5y_20d_z":-1.077272684,"rv_10y_20d_z":-0.855971155,"rv_slope_20d_z":-0.488524402,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.579754407,"dealer_fails_receive_z":-0.414294087,"dealer_fails_deliver_z":-0.354901095,"fails_factor":-0.384597591,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.646950452,"fails_factor_z_bm":-0.362515597,"instability_index":-0.870884655,"constraint_index":-0.488681415,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-06-18T00:00:00.000","rv_2y_20d_z":-0.921696238,"rv_5y_20d_z":-0.801879412,"rv_10y_20d_z":-0.591705228,"rv_slope_20d_z":0.037112399,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.790043263,"dealer_fails_receive_z":-0.568424172,"dealer_fails_deliver_z":-0.578700724,"fails_factor":-0.573562448,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.86483266,"fails_factor_z_bm":-0.556485237,"instability_index":-0.56954212,"constraint_index":-0.571051785,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-06-25T00:00:00.000","rv_2y_20d_z":-0.933003487,"rv_5y_20d_z":-0.793343785,"rv_10y_20d_z":-0.495449521,"rv_slope_20d_z":0.037112399,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.622954243,"dealer_fails_receive_z":-0.245920527,"dealer_fails_deliver_z":-0.048274913,"fails_factor":-0.14709772,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.691710197,"fails_factor_z_bm":-0.118725482,"instability_index":-0.546171099,"constraint_index":-0.448875341,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-07-02T00:00:00.000","rv_2y_20d_z":-0.94639606,"rv_5y_20d_z":-0.910237525,"rv_10y_20d_z":-0.614284709,"rv_slope_20d_z":-0.015454225,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.729285425,"dealer_fails_receive_z":-0.812850051,"dealer_fails_deliver_z":-0.706457577,"fails_factor":-0.759653814,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.801880908,"fails_factor_z_bm":-0.747505279,"instability_index":-0.62159313,"constraint_index":-0.596665443,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-07-09T00:00:00.000","rv_2y_20d_z":-0.88978252,"rv_5y_20d_z":-0.699877402,"rv_10y_20d_z":-0.381663314,"rv_slope_20d_z":0.081435726,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.68300698,"dealer_fails_receive_z":-0.693152588,"dealer_fails_deliver_z":-0.704924202,"fails_factor":-0.699038395,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.753931388,"fails_factor_z_bm":-0.685284446,"instability_index":-0.472471877,"constraint_index":-0.574631372,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-07-16T00:00:00.000","rv_2y_20d_z":-0.918237559,"rv_5y_20d_z":-0.95806054,"rv_10y_20d_z":-0.445910189,"rv_slope_20d_z":-0.06975692,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.723892894,"dealer_fails_receive_z":-0.802004102,"dealer_fails_deliver_z":-0.72714596,"fails_factor":-0.764575031,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.796293657,"fails_factor_z_bm":-0.752556836,"instability_index":-0.597991302,"constraint_index":-0.596558304,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-07-23T00:00:00.000","rv_2y_20d_z":-0.86577542,"rv_5y_20d_z":-0.683758352,"rv_10y_20d_z":-0.042682429,"rv_slope_20d_z":-0.006173417,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.814354343,"dealer_fails_receive_z":-0.937164665,"dealer_fails_deliver_z":-0.986553949,"fails_factor":-0.961859307,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.890021592,"fails_factor_z_bm":-0.955066236,"instability_index":-0.399597405,"constraint_index":-0.655805771,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-07-30T00:00:00.000","rv_2y_20d_z":-0.933003487,"rv_5y_20d_z":-0.677474201,"rv_10y_20d_z":-0.165325737,"rv_slope_20d_z":-0.08323473,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.794581729,"dealer_fails_receive_z":-1.055141587,"dealer_fails_deliver_z":-0.980834219,"fails_factor":-1.017987903,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.869535005,"fails_factor_z_bm":-1.012681412,"instability_index":-0.464759539,"constraint_index":-0.663231489,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-08-06T00:00:00.000","rv_2y_20d_z":-0.968736347,"rv_5y_20d_z":-0.689494709,"rv_10y_20d_z":-0.205174334,"rv_slope_20d_z":0.038277383,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.722502554,"dealer_fails_receive_z":-0.751367894,"dealer_fails_deliver_z":-0.741457454,"fails_factor":-0.746412674,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.794853113,"fails_factor_z_bm":-0.733913444,"instability_index":-0.456282002,"constraint_index":-0.592541517,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-08-13T00:00:00.000","rv_2y_20d_z":-1.042773314,"rv_5y_20d_z":-0.735630597,"rv_10y_20d_z":-0.238633777,"rv_slope_20d_z":0.078918824,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.691617154,"dealer_fails_receive_z":-0.686466431,"dealer_fails_deliver_z":-0.727121621,"fails_factor":-0.706794026,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.762852468,"fails_factor_z_bm":-0.693245486,"instability_index":-0.484529716,"constraint_index":-0.578007796,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-08-20T00:00:00.000","rv_2y_20d_z":-1.144237619,"rv_5y_20d_z":-1.038819312,"rv_10y_20d_z":-0.884943382,"rv_slope_20d_z":-0.47173034,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.780092404,"dealer_fails_receive_z":-0.819492651,"dealer_fails_deliver_z":-0.761610373,"fails_factor":-0.790551512,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.854522484,"fails_factor_z_bm":-0.77922131,"instability_index":-0.884932663,"constraint_index":-0.613536964,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-08-27T00:00:00.000","rv_2y_20d_z":-1.090179685,"rv_5y_20d_z":-0.950861604,"rv_10y_20d_z":-0.799103375,"rv_slope_20d_z":-0.197293152,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.647890976,"dealer_fails_receive_z":-0.898223788,"dealer_fails_deliver_z":-0.975309204,"fails_factor":-0.936766496,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.717547374,"fails_factor_z_bm":-0.929308835,"instability_index":-0.759359454,"constraint_index":-0.616159447,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-09-03T00:00:00.000","rv_2y_20d_z":-1.174606205,"rv_5y_20d_z":-1.158016722,"rv_10y_20d_z":-1.065959302,"rv_slope_20d_z":-0.495467655,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.625337682,"dealer_fails_receive_z":-0.671961607,"dealer_fails_deliver_z":-0.756304411,"fails_factor":-0.714133009,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.6941797,"fails_factor_z_bm":-0.700778844,"instability_index":-0.973512471,"constraint_index":-0.565779914,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-09-10T00:00:00.000","rv_2y_20d_z":-1.200709318,"rv_5y_20d_z":-1.108454429,"rv_10y_20d_z":-0.79766945,"rv_slope_20d_z":-0.058061165,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.447721805,"dealer_fails_receive_z":-0.768159514,"dealer_fails_deliver_z":-0.952844053,"fails_factor":-0.860501783,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.510150265,"fails_factor_z_bm":-0.851024233,"instability_index":-0.791223591,"constraint_index":-0.559023105,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-09-17T00:00:00.000","rv_2y_20d_z":-1.207828093,"rv_5y_20d_z":-1.157805067,"rv_10y_20d_z":-0.872358623,"rv_slope_20d_z":-0.168457626,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.835715917,"dealer_fails_receive_z":-0.794882364,"dealer_fails_deliver_z":-0.793324448,"fails_factor":-0.794103406,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.912154515,"fails_factor_z_bm":-0.782867277,"instability_index":-0.851612352,"constraint_index":-0.625792564,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-09-24T00:00:00.000","rv_2y_20d_z":-1.142753955,"rv_5y_20d_z":-0.890917435,"rv_10y_20d_z":-0.532467122,"rv_slope_20d_z":0.1195481447,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.839410248,"dealer_fails_receive_z":-0.710009545,"dealer_fails_deliver_z":-0.592330718,"fails_factor":-0.651170132,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.915982244,"fails_factor_z_bm":-0.636148379,"instability_index":-0.611647592,"constraint_index":-0.59721433,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-10-01T00:00:00.000","rv_2y_20d_z":-1.171132877,"rv_5y_20d_z":-0.828452435,"rv_10y_20d_z":-0.428074564,"rv_slope_20d_z":0.3010686099,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.97761993,"dealer_fails_receive_z":-0.422504776,"dealer_fails_deliver_z":-0.45571437,"fails_factor":-0.439109573,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.05918256,"fails_factor_z_bm":-0.418471343,"instability_index":-0.531647816,"constraint_index":-0.582318986,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-10-08T00:00:00.000","rv_2y_20d_z":-1.144237619,"rv_5y_20d_z":-0.871068898,"rv_10y_20d_z":-0.596843276,"rv_slope_20d_z":0.044558219,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.820243424,"dealer_fails_receive_z":-0.08651992,"dealer_fails_deliver_z":-0.056598945,"fails_factor":-0.071559433,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.896123323,"fails_factor_z_bm":-0.041186544,"instability_index":-0.641897893,"constraint_index":-0.474250179,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-10-15T00:00:00.000","rv_2y_20d_z":-1.042773314,"rv_5y_20d_z":-0.697708212,"rv_10y_20d_z":-0.491784322,"rv_slope_20d_z":0.2235273815,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.152594161,"dealer_fails_receive_z":0.1868067105,"dealer_fails_deliver_z":0.1566861178,"fails_factor":0.1717464142,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.240474963,"fails_factor_z_bm":0.20856332,"instability_index":-0.502184617,"constraint_index":-0.493170534,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-10-22T00:00:00.000","rv_2y_20d_z":-0.897630745,"rv_5y_20d_z":-0.837856303,"rv_10y_20d_z":-0.759386717,"rv_slope_20d_z":0.2349349545,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.92113242,"dealer_fails_receive_z":0.4990524401,"dealer_fails_deliver_z":0.6513575345,"fails_factor":0.575204987,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.000655335,"fails_factor_z_bm":0.6227075956,"instability_index":-0.564984702,"constraint_index":-0.362377753,"instability_category":"Contained","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-10-29T00:00:00.000","rv_2y_20d_z":-0.885695283,"rv_5y_20d_z":-0.796286364,"rv_10y_20d_z":-0.60215606,"rv_slope_20d_z":0.570560227,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.822428244,"dealer_fails_receive_z":0.072488664,"dealer_fails_deliver_z":0.008849364,"fails_factor":0.040669014,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.898387034,"fails_factor_z_bm":0.074014302,"instability_index":-0.42839437,"constraint_index":-0.451662752,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-11-05T00:00:00.000","rv_2y_20d_z":-0.655222403,"rv_5y_20d_z":-0.430799185,"rv_10y_20d_z":-0.399844822,"rv_slope_20d_z":0.5760503734,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.207045816,"dealer_fails_receive_z":0.2412542465,"dealer_fails_deliver_z":0.3709934306,"fails_factor":0.3061238385,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.296892821,"fails_factor_z_bm":0.3464997644,"instability_index":-0.227454009,"constraint_index":-0.476866817,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-11-12T00:00:00.000","rv_2y_20d_z":-0.325477409,"rv_5y_20d_z":0.1517800693,"rv_10y_20d_z":-0.039552245,"rv_slope_20d_z":0.3677966723,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.147251285,"dealer_fails_receive_z":0.244542878,"dealer_fails_deliver_z":0.1471694615,"fails_factor":0.1958561696,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.23493916,"fails_factor_z_bm":0.2333116283,"instability_index":0.038636772,"constraint_index":-0.487113712,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-11-19T00:00:00.000","rv_2y_20d_z":-0.446310284,"rv_5y_20d_z":-0.014635076,"rv_10y_20d_z":-0.146955555,"rv_slope_20d_z":0.1014753283,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.998921918,"dealer_fails_receive_z":-0.066766354,"dealer_fails_deliver_z":-0.175496302,"fails_factor":-0.121131328,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.081253745,"fails_factor_z_bm":-0.092071363,"instability_index":-0.126606397,"constraint_index":-0.521453227,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-11-26T00:00:00.000","rv_2y_20d_z":0.18193199,"rv_5y_20d_z":0.6917829686,"rv_10y_20d_z":0.4984809944,"rv_slope_20d_z":-0.110938912,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.834822127,"dealer_fails_receive_z":0.2699154295,"dealer_fails_deliver_z":0.050664238,"fails_factor":0.1602898336,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.911228451,"fails_factor_z_bm":0.1968033089,"instability_index":0.3153142605,"constraint_index":-0.429673234,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-12-03T00:00:00.000","rv_2y_20d_z":0.248611907,"rv_5y_20d_z":0.7935811624,"rv_10y_20d_z":0.7126635889,"rv_slope_20d_z":0.3549140779,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.81810826,"dealer_fails_receive_z":0.08120027,"dealer_fails_deliver_z":-0.11080251,"fails_factor":-0.01480112,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.89391106,"fails_factor_z_bm":0.017075027,"instability_index":0.5274426841,"constraint_index":-0.462155412,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2021-12-10T00:00:00.000","rv_2y_20d_z":0.037666723,"rv_5y_20d_z":0.23564316,"rv_10y_20d_z":0.4498578765,"rv_slope_20d_z":0.662501641,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.001,"dealer_pos_net_z":-1.011713041,"dealer_fails_receive_z":0.180948156,"dealer_fails_deliver_z":-0.088970181,"fails_factor":0.045988988,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":-1.094506745,"fails_factor_z_bm":0.079475176,"instability_index":0.3464173501,"constraint_index":-0.489776207,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-12-17T00:00:00.000","rv_2y_20d_z":0.087213876,"rv_5y_20d_z":0.3379074401,"rv_10y_20d_z":0.4811161912,"rv_slope_20d_z":0.6829917688,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.583053215,"dealer_fails_receive_z":0.266191218,"dealer_fails_deliver_z":0.048936149,"fails_factor":0.157563684,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.686477527,"fails_factor_z_bm":0.1940049562,"instability_index":0.397307319,"constraint_index":-0.58528272,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-12-24T00:00:00.000","rv_2y_20d_z":-0.089692632,"rv_5y_20d_z":0.2164859386,"rv_10y_20d_z":0.320114288,"rv_slope_20d_z":0.3432039581,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.39031243,"dealer_fails_receive_z":0.097861216,"dealer_fails_deliver_z":0.1989634378,"fails_factor":0.1484123267,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.486777036,"fails_factor_z_bm":0.1846112232,"instability_index":0.1975278881,"constraint_index":-0.547221368,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2021-12-31T00:00:00.000","rv_2y_20d_z":-0.613278613,"rv_5y_20d_z":-0.562933055,"rv_10y_20d_z":-0.42851863,"rv_slope_20d_z":0.08714602,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.215079993,"dealer_fails_receive_z":-0.558449384,"dealer_fails_deliver_z":-0.836234589,"fails_factor":-0.697341986,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.305217105,"fails_factor_z_bm":-0.683543107,"instability_index":-0.379396069,"constraint_index":-0.684540248,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2022-01-07T00:00:00.000","rv_2y_20d_z":-0.580956695,"rv_5y_20d_z":-0.564388137,"rv_10y_20d_z":-0.615095985,"rv_slope_20d_z":-0.067559264,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.220045491,"dealer_fails_receive_z":-0.150223538,"dealer_fails_deliver_z":-0.271393044,"fails_factor":-0.210808291,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.310361903,"fails_factor_z_bm":-0.184123443,"instability_index":-0.45700002,"constraint_index":-0.585685275,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2022-01-14T00:00:00.000","rv_2y_20d_z":-0.550537212,"rv_5y_20d_z":-0.640319154,"rv_10y_20d_z":-0.571286237,"rv_slope_20d_z":-0.077588538,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.098311333,"dealer_fails_receive_z":-0.180757716,"dealer_fails_deliver_z":-0.329807303,"fails_factor":-0.255282509,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.184232028,"fails_factor_z_bm":-0.229775573,"instability_index":-0.459932785,"constraint_index":-0.569589726,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2022-01-21T00:00:00.000","rv_2y_20d_z":-0.329917309,"rv_5y_20d_z":-0.296546715,"rv_10y_20d_z":-0.181847938,"rv_slope_20d_z":-0.125926754,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.068617653,"dealer_fails_receive_z":0.2981410321,"dealer_fails_deliver_z":0.08985047,"fails_factor":0.193995751,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.153466134,"fails_factor_z_bm":0.2314019361,"instability_index":-0.233559679,"constraint_index":-0.471201045,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2022-01-28T00:00:00.000","rv_2y_20d_z":-0.140752316,"rv_5y_20d_z":-0.059813284,"rv_10y_20d_z":-0.115785912,"rv_slope_20d_z":-0.105965887,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.16423329,"dealer_fails_receive_z":0.717887977,"dealer_fails_deliver_z":0.3191020971,"fails_factor":0.5184950371,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.25253437,"fails_factor_z_bm":0.5644956679,"instability_index":-0.10557935,"constraint_index":-0.424395946,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2022-02-04T00:00:00.000","rv_2y_20d_z":-0.002079171,"rv_5y_20d_z":-0.006790176,"rv_10y_20d_z":-0.1008626,"rv_slope_20d_z":-0.455090514,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.066422903,"dealer_fails_receive_z":0.5618195597,"dealer_fails_deliver_z":0.5289066441,"fails_factor":0.5453631019,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.151192133,"fails_factor_z_bm":0.5920753402,"instability_index":-0.141205615,"constraint_index":-0.398611564,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2022-02-11T00:00:00.000","rv_2y_20d_z":0.9090183682,"rv_5y_20d_z":0.544096481,"rv_10y_20d_z":0.3236150703,"rv_slope_20d_z":0.4066774595,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.93408244,"dealer_fails_receive_z":-0.034860098,"dealer_fails_deliver_z":-0.250315232,"fails_factor":-0.142587665,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.014072969,"fails_factor_z_bm":-0.114095977,"instability_index":0.5458518446,"constraint_index":-0.512421995,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-02-18T00:00:00.000","rv_2y_20d_z":0.908163911,"rv_5y_20d_z":0.3740666794,"rv_10y_20d_z":0.1772102329,"rv_slope_20d_z":0.7413066206,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.157907245,"dealer_fails_receive_z":0.1427477643,"dealer_fails_deliver_z":-0.097464587,"fails_factor":0.022641588,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.245979897,"fails_factor_z_bm":0.055509415,"instability_index":0.550186861,"constraint_index":-0.524882302,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-02-25T00:00:00.000","rv_2y_20d_z":0.8856737656,"rv_5y_20d_z":0.3121435118,"rv_10y_20d_z":0.099262233,"rv_slope_20d_z":0.6615835792,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.844494918,"dealer_fails_receive_z":-0.059840628,"dealer_fails_deliver_z":-0.274338096,"fails_factor":-0.167089362,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.921250518,"fails_factor_z_bm":-0.139246607,"instability_index":0.4896657723,"constraint_index":-0.498887631,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2022-03-04T00:00:00.000","rv_2y_20d_z":1.5538929749,"rv_5y_20d_z":1.4274697732,"rv_10y_20d_z":1.3109316616,"rv_slope_20d_z":0.8879453015,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.658586659,"dealer_fails_receive_z":0.9473298938,"dealer_fails_deliver_z":0.9212800896,"fails_factor":0.9343049917,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.72862927,"fails_factor_z_bm":0.9913184546,"instability_index":1.2950599278,"constraint_index":-0.234250368,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-03-11T00:00:00.000","rv_2y_20d_z":0.9308519101,"rv_5y_20d_z":1.2310306867,"rv_10y_20d_z":1.2182483759,"rv_slope_20d_z":0.135698252,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.002556662,"dealer_fails_receive_z":1.2805270354,"dealer_fails_deliver_z":0.6485098394,"fails_factor":0.9645184374,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.085019737,"fails_factor_z_bm":1.022332111,"instability_index":0.8789573062,"constraint_index":-0.299325731,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-03-18T00:00:00.000","rv_2y_20d_z":0.841893657,"rv_5y_20d_z":1.2197849405,"rv_10y_20d_z":1.2015318357,"rv_slope_20d_z":0.233860977,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.226490708,"dealer_fails_receive_z":0.083487066,"dealer_fails_deliver_z":-0.38758874,"fails_factor":-0.152050837,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.317039851,"fails_factor_z_bm":-0.123809784,"instability_index":0.8742678526,"constraint_index":-0.574958132,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-03-25T00:00:00.000","rv_2y_20d_z":1.2190635161,"rv_5y_20d_z":1.7890471872,"rv_10y_20d_z":1.8441634053,"rv_slope_20d_z":0.1026088894,"spread":-0.02,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.211683592,"dealer_fails_receive_z":0.8588417583,"dealer_fails_deliver_z":0.6176476392,"fails_factor":0.7382446987,"spread_z_bm":-2.562506547,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.301698062,"fails_factor_z_bm":0.790065455,"instability_index":1.2387207495,"constraint_index":-0.997522914,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-04-01T00:00:00.000","rv_2y_20d_z":0.6258322282,"rv_5y_20d_z":0.8202507808,"rv_10y_20d_z":0.8522181896,"rv_slope_20d_z":0.1817599136,"spread":0.0,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.198405849,"dealer_fails_receive_z":1.8467378521,"dealer_fails_deliver_z":1.5694836504,"fails_factor":1.7081107512,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":1.6687509502,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.287940872,"fails_factor_z_bm":1.7856186556,"instability_index":0.620015278,"constraint_index":0.1452955599,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-04-08T00:00:00.000","rv_2y_20d_z":0.7622199154,"rv_5y_20d_z":0.9379562379,"rv_10y_20d_z":0.945248583,"rv_slope_20d_z":0.9058011333,"spread":0.0,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.224256234,"dealer_fails_receive_z":3.4222535339,"dealer_fails_deliver_z":3.4242093915,"fails_factor":3.4232314627,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.314724692,"fails_factor_z_bm":3.5461647736,"instability_index":0.8878064673,"constraint_index":0.1594998109,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-04-15T00:00:00.000","rv_2y_20d_z":0.9357599979,"rv_5y_20d_z":1.2158618557,"rv_10y_20d_z":1.1509295919,"rv_slope_20d_z":1.131179522,"spread":-0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.133913956,"dealer_fails_receive_z":0.857186553,"dealer_fails_deliver_z":0.6467574116,"fails_factor":0.7519719824,"spread_z_bm":-1.872856601,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.221120232,"fails_factor_z_bm":0.8041563093,"instability_index":1.1084327418,"constraint_index":-0.674385083,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-04-22T00:00:00.000","rv_2y_20d_z":0.8607175757,"rv_5y_20d_z":1.0032148073,"rv_10y_20d_z":0.723144378,"rv_slope_20d_z":1.2725442855,"spread":-0.03,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.29774561,"dealer_fails_receive_z":0.623541287,"dealer_fails_deliver_z":0.5168100246,"fails_factor":0.5701756556,"spread_z_bm":-3.252156493,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.390867707,"fails_factor_z_bm":0.6175450607,"instability_index":0.964905262,"constraint_index":-1.187790911,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-04-29T00:00:00.000","rv_2y_20d_z":0.8593818779,"rv_5y_20d_z":0.7947209632,"rv_10y_20d_z":0.4660484139,"rv_slope_20d_z":1.088945721,"spread":-0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.25848838,"dealer_fails_receive_z":1.0102494665,"dealer_fails_deliver_z":0.9098649698,"fails_factor":0.9600572182,"spread_z_bm":-2.562506547,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.350192931,"fails_factor_z_bm":1.0177527352,"instability_index":0.8022742439,"constraint_index":-0.462862119,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-05-06T00:00:00.000","rv_2y_20d_z":0.776623578,"rv_5y_20d_z":0.72874037,"rv_10y_20d_z":0.6552405325,"rv_slope_20d_z":1.07351483,"spread":-0.02,"week_delta_spread":-5.55e-17,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.233660888,"dealer_fails_receive_z":1.5516539858,"dealer_fails_deliver_z":1.2089216367,"fails_factor":1.3802878112,"spread_z_bm":-2.562506547,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.32446894,"fails_factor_z_bm":1.449113242,"instability_index":0.8085298278,"constraint_index":-0.537719323,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-05-13T00:00:00.000","rv_2y_20d_z":0.793926288,"rv_5y_20d_z":0.6486483345,"rv_10y_20d_z":0.7949340355,"rv_slope_20d_z":1.4698104712,"spread":-0.01,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.099989672,"dealer_fails_receive_z":0.2369855597,"dealer_fails_deliver_z":0.022990483,"fails_factor":0.1299880211,"spread_z_bm":-1.872856601,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.18597097,"fails_factor_z_bm":0.1656989453,"instability_index":0.9268297823,"constraint_index":-0.462498495,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-05-20T00:00:00.000","rv_2y_20d_z":0.6922877764,"rv_5y_20d_z":0.7155960482,"rv_10y_20d_z":0.991691138,"rv_slope_20d_z":1.2525642197,"spread":-0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.251844543,"dealer_fails_receive_z":0.7839872857,"dealer_fails_deliver_z":0.5209477013,"fails_factor":0.6524674935,"spread_z_bm":-1.872856601,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.343309191,"fails_factor_z_bm":0.7020164188,"instability_index":0.913034795,"constraint_index":-0.552976749,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-05-27T00:00:00.000","rv_2y_20d_z":0.6769818918,"rv_5y_20d_z":0.7631418601,"rv_10y_20d_z":1.0181221359,"rv_slope_20d_z":1.2550105809,"spread":-0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.148770728,"dealer_fails_receive_z":0.8421372542,"dealer_fails_deliver_z":0.6191079957,"fails_factor":0.7306226249,"spread_z_bm":-1.872856601,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.236513468,"fails_factor_z_bm":0.7822415087,"instability_index":0.9283141172,"constraint_index":-0.515572587,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-06-03T00:00:00.000","rv_2y_20d_z":0.7133013317,"rv_5y_20d_z":0.8944536917,"rv_10y_20d_z":0.956289529,"rv_slope_20d_z":0.7350420951,"spread":-0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.021356039,"dealer_fails_receive_z":1.7111199294,"dealer_fails_deliver_z":1.6404082965,"fails_factor":1.6757641129,"spread_z_bm":-1.872856601,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.104497944,"fails_factor_z_bm":1.7524153084,"instability_index":0.8247716617,"constraint_index":-0.295134722,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-06-10T00:00:00.000","rv_2y_20d_z":1.007409147,"rv_5y_20d_z":1.043726123,"rv_10y_20d_z":0.8765149586,"rv_slope_20d_z":0.5796416578,"spread":-0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.223789477,"dealer_fails_receive_z":0.911938995,"dealer_fails_deliver_z":0.5440456728,"fails_factor":0.7279923341,"spread_z_bm":-2.562506547,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.314241081,"fails_factor_z_bm":0.779541554,"instability_index":0.8768229716,"constraint_index":-0.835862194,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-06-17T00:00:00.000","rv_2y_20d_z":2.3914897533,"rv_5y_20d_z":2.3084979493,"rv_10y_20d_z":2.0673830521,"rv_slope_20d_z":0.933996289,"spread":-0.01,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.564651078,"dealer_fails_receive_z":1.4632747453,"dealer_fails_deliver_z":1.2402949616,"fails_factor":1.3517848535,"spread_z_bm":-1.872856601,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.667410905,"fails_factor_z_bm":1.4198553762,"instability_index":1.9253417609,"constraint_index":-0.307955196,"instability_category":"Extreme","constraint_category":"Negative\/Mild","narrative":"Volatility is extreme, yet funding pressure is negative or mild.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-06-24T00:00:00.000","rv_2y_20d_z":2.3922089716,"rv_5y_20d_z":2.4177313,"rv_10y_20d_z":2.2500818278,"rv_slope_20d_z":0.7869146829,"spread":0.0,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.262867949,"dealer_fails_receive_z":3.0820435498,"dealer_fails_deliver_z":2.9938910168,"fails_factor":3.0379672833,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.354730643,"fails_factor_z_bm":3.1506967748,"instability_index":1.9617341956,"constraint_index":0.2386791251,"instability_category":"Extreme","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-07-01T00:00:00.000","rv_2y_20d_z":2.5500244561,"rv_5y_20d_z":2.7170129915,"rv_10y_20d_z":2.5761176192,"rv_slope_20d_z":0.775443811,"spread":0.02,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.284289109,"dealer_fails_receive_z":2.1493572574,"dealer_fails_deliver_z":2.0038180053,"fails_factor":2.0765876314,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":1.6687509502,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.376925303,"fails_factor_z_bm":2.1638547392,"instability_index":2.1546497194,"constraint_index":0.4790058687,"instability_category":"Extreme","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-07-08T00:00:00.000","rv_2y_20d_z":2.7150970893,"rv_5y_20d_z":2.94253762,"rv_10y_20d_z":2.7485921522,"rv_slope_20d_z":0.5790749124,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.967043418,"dealer_fails_receive_z":1.5751753214,"dealer_fails_deliver_z":0.8548095307,"fails_factor":1.2149924261,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.04822414,"fails_factor_z_bm":1.279439967,"instability_index":2.2463254434,"constraint_index":0.035314938,"instability_category":"Extreme","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-07-15T00:00:00.000","rv_2y_20d_z":0.9017177347,"rv_5y_20d_z":1.1335434208,"rv_10y_20d_z":1.2106515555,"rv_slope_20d_z":0.4545021723,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.996111446,"dealer_fails_receive_z":1.0499308307,"dealer_fails_deliver_z":0.508339957,"fails_factor":0.779135394,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.078341789,"fails_factor_z_bm":0.8320391506,"instability_index":0.9251037208,"constraint_index":0.2440153388,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-07-22T00:00:00.000","rv_2y_20d_z":1.0482703208,"rv_5y_20d_z":1.434029218,"rv_10y_20d_z":1.3626793073,"rv_slope_20d_z":0.4002364436,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.100228015,"dealer_fails_receive_z":1.5827761974,"dealer_fails_deliver_z":1.1711227432,"fails_factor":1.3769494703,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.18621792,"fails_factor_z_bm":1.4456864843,"instability_index":1.0613038224,"constraint_index":-0.125308618,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-07-29T00:00:00.000","rv_2y_20d_z":0.9826743857,"rv_5y_20d_z":1.2692102238,"rv_10y_20d_z":1.0622373814,"rv_slope_20d_z":0.3671846351,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.956725113,"dealer_fails_receive_z":1.6810213315,"dealer_fails_deliver_z":1.3211500318,"fails_factor":1.5010856816,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.037533249,"fails_factor_z_bm":1.5731104746,"instability_index":0.920326656,"constraint_index":0.096187218,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-08-05T00:00:00.000","rv_2y_20d_z":1.3413564931,"rv_5y_20d_z":1.7378734276,"rv_10y_20d_z":1.3262041357,"rv_slope_20d_z":0.6277833292,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.178911303,"dealer_fails_receive_z":2.1401882924,"dealer_fails_deliver_z":2.0058138258,"fails_factor":2.0730010591,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.267742394,"fails_factor_z_bm":2.1601731757,"instability_index":1.2583043464,"constraint_index":0.1675579294,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-08-12T00:00:00.000","rv_2y_20d_z":1.2803800705,"rv_5y_20d_z":1.7653921992,"rv_10y_20d_z":1.3274200949,"rv_slope_20d_z":0.3514270318,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.020849559,"dealer_fails_receive_z":1.8202763496,"dealer_fails_deliver_z":1.3293523673,"fails_factor":1.5748143585,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.103973174,"fails_factor_z_bm":1.6487918741,"instability_index":1.1811548491,"constraint_index":0.098035513,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-08-19T00:00:00.000","rv_2y_20d_z":0.8902681746,"rv_5y_20d_z":1.3327150947,"rv_10y_20d_z":0.913003742,"rv_slope_20d_z":0.717071388,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.180053367,"dealer_fails_receive_z":1.8392240922,"dealer_fails_deliver_z":1.619890288,"fails_factor":1.7295571901,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.268925697,"fails_factor_z_bm":1.8076331088,"instability_index":0.9632645997,"constraint_index":0.096813255,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-08-26T00:00:00.000","rv_2y_20d_z":0.7145968643,"rv_5y_20d_z":1.0460892818,"rv_10y_20d_z":0.8351810482,"rv_slope_20d_z":0.8328966104,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.903336074,"dealer_fails_receive_z":1.7160419866,"dealer_fails_deliver_z":1.2566509541,"fails_factor":1.4863464704,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.982216378,"fails_factor_z_bm":1.5579808916,"instability_index":0.8571909512,"constraint_index":0.1042246757,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-09-02T00:00:00.000","rv_2y_20d_z":0.051480644,"rv_5y_20d_z":0.073155076,"rv_10y_20d_z":0.2454741274,"rv_slope_20d_z":0.6615835792,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.943278543,"dealer_fails_receive_z":1.3626556987,"dealer_fails_deliver_z":1.1496068245,"fails_factor":1.2561312616,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.023601135,"fails_factor_z_bm":1.3216683747,"instability_index":0.2579233568,"constraint_index":0.3528893144,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2022-09-09T00:00:00.000","rv_2y_20d_z":0.1732132937,"rv_5y_20d_z":0.2122273974,"rv_10y_20d_z":0.3721861655,"rv_slope_20d_z":0.3743163,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.962783021,"dealer_fails_receive_z":1.6664076128,"dealer_fails_deliver_z":1.3760837745,"fails_factor":1.5212456936,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.043809903,"fails_factor_z_bm":1.5938044296,"instability_index":0.2829857892,"constraint_index":-0.067203426,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2022-09-16T00:00:00.000","rv_2y_20d_z":0.390992085,"rv_5y_20d_z":0.1645941824,"rv_10y_20d_z":0.1679789939,"rv_slope_20d_z":0.8579600645,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.053055781,"dealer_fails_receive_z":1.4468098104,"dealer_fails_deliver_z":1.2016198543,"fails_factor":1.3242148324,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.137342336,"fails_factor_z_bm":1.3915551561,"instability_index":0.3953813314,"constraint_index":-0.264289757,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2022-09-23T00:00:00.000","rv_2y_20d_z":0.418281403,"rv_5y_20d_z":0.3475843302,"rv_10y_20d_z":0.5838635109,"rv_slope_20d_z":1.7201198559,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.300188635,"dealer_fails_receive_z":1.8456489014,"dealer_fails_deliver_z":1.9395866597,"fails_factor":1.8926177806,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.393398947,"fails_factor_z_bm":1.9750124,"instability_index":0.7674622749,"constraint_index":-0.032535526,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-09-30T00:00:00.000","rv_2y_20d_z":1.2725683407,"rv_5y_20d_z":1.9677028198,"rv_10y_20d_z":2.1611859569,"rv_slope_20d_z":2.065256392,"spread":0.01,"week_delta_spread":-4.44e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":-1.096156307,"dealer_fails_receive_z":7.3826148522,"dealer_fails_deliver_z":7.822754416,"fails_factor":7.602684634,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-1.181999185,"fails_factor_z_bm":7.8363118207,"instability_index":1.8666783772,"constraint_index":1.1820043108,"instability_category":"Extreme","constraint_category":"High","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-10-07T00:00:00.000","rv_2y_20d_z":1.1724411902,"rv_5y_20d_z":2.2229728894,"rv_10y_20d_z":2.553994823,"rv_slope_20d_z":2.2350618401,"spread":0.05,"week_delta_spread":0.04,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.735432712,"dealer_fails_receive_z":3.6205079022,"dealer_fails_deliver_z":3.5027278913,"fails_factor":3.5616178967,"spread_z_bm":2.2650430759,"week_delta_spread_z_bm":3.331491993,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.808250168,"fails_factor_z_bm":3.6882164073,"instability_index":2.0461176857,"constraint_index":1.6439514056,"instability_category":"Extreme","constraint_category":"High","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-10-14T00:00:00.000","rv_2y_20d_z":1.2445320086,"rv_5y_20d_z":2.2229728894,"rv_10y_20d_z":2.5694294127,"rv_slope_20d_z":2.269403403,"spread":0.04,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.82677802,"dealer_fails_receive_z":1.0123620309,"dealer_fails_deliver_z":0.8114126042,"fails_factor":0.9118873175,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.902893878,"fails_factor_z_bm":0.9683070426,"instability_index":2.0765844285,"constraint_index":0.1117402801,"instability_category":"Extreme","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-10-21T00:00:00.000","rv_2y_20d_z":1.5015451091,"rv_5y_20d_z":2.3343376165,"rv_10y_20d_z":2.3526447792,"rv_slope_20d_z":1.7566970091,"spread":0.02,"week_delta_spread":-0.02,"repo_backstop_usage":0.001,"dealer_pos_net_z":-0.890157641,"dealer_fails_receive_z":1.50206317,"dealer_fails_deliver_z":1.2270787355,"fails_factor":1.3645709528,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":-0.968562083,"fails_factor_z_bm":1.4329801185,"instability_index":1.9863061285,"constraint_index":-0.250574516,"instability_category":"Extreme","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-10-28T00:00:00.000","rv_2y_20d_z":1.073207548,"rv_5y_20d_z":1.4438459263,"rv_10y_20d_z":1.4944387604,"rv_slope_20d_z":1.1562709186,"spread":0.05,"week_delta_spread":0.03,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.673701636,"dealer_fails_receive_z":1.0016467558,"dealer_fails_deliver_z":0.6310342402,"fails_factor":0.816340498,"spread_z_bm":2.2650430759,"week_delta_spread_z_bm":2.5001214716,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.744290036,"fails_factor_z_bm":0.8702296413,"instability_index":1.2919407883,"constraint_index":0.926871975,"instability_category":"Elevated","constraint_category":"High","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-11-04T00:00:00.000","rv_2y_20d_z":1.0654930883,"rv_5y_20d_z":0.8312457676,"rv_10y_20d_z":0.6395168789,"rv_slope_20d_z":1.2309320387,"spread":0.05,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.840492727,"dealer_fails_receive_z":2.0280917052,"dealer_fails_deliver_z":1.235719178,"fails_factor":1.6319054416,"spread_z_bm":2.2650430759,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.91710381,"fails_factor_z_bm":1.707395029,"instability_index":0.9417969434,"constraint_index":0.5609199843,"instability_category":"Elevated","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"September 2019 repo episode"},{"date":"2022-11-11T00:00:00.000","rv_2y_20d_z":1.5535295759,"rv_5y_20d_z":1.9856406372,"rv_10y_20d_z":2.1494291524,"rv_slope_20d_z":0.7443447138,"spread":0.03,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.819627702,"dealer_fails_receive_z":1.1838717694,"dealer_fails_deliver_z":1.2092867258,"fails_factor":1.1965792476,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.895485368,"fails_factor_z_bm":1.2605391105,"instability_index":1.6082360198,"constraint_index":-0.132535698,"instability_category":"Extreme","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-11-18T00:00:00.000","rv_2y_20d_z":1.5283541037,"rv_5y_20d_z":1.8995598337,"rv_10y_20d_z":2.1947583657,"rv_slope_20d_z":0.9886665303,"spread":0.04,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.872371226,"dealer_fails_receive_z":1.3226694283,"dealer_fails_deliver_z":1.1685671194,"fails_factor":1.2456182738,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.950133416,"fails_factor_z_bm":1.3108769478,"instability_index":1.6528347083,"constraint_index":0.5033545621,"instability_category":"Extreme","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-11-25T00:00:00.000","rv_2y_20d_z":1.3294082937,"rv_5y_20d_z":1.7168346335,"rv_10y_20d_z":1.9519212168,"rv_slope_20d_z":0.5416097903,"spread":0.04,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.441038245,"dealer_fails_receive_z":0.7841615178,"dealer_fails_deliver_z":0.496730123,"fails_factor":0.6404458204,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.503225367,"fails_factor_z_bm":0.6896763487,"instability_index":1.3849434836,"constraint_index":0.3022219478,"instability_category":"Elevated","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-12-02T00:00:00.000","rv_2y_20d_z":1.2137797338,"rv_5y_20d_z":1.5965204305,"rv_10y_20d_z":1.9849625474,"rv_slope_20d_z":0.6292691337,"spread":0.03,"week_delta_spread":-0.01,"repo_backstop_usage":0.01,"dealer_pos_net_z":-0.758264074,"dealer_fails_receive_z":0.9489633199,"dealer_fails_deliver_z":0.5190979164,"fails_factor":0.734030618,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.255828666,"dealer_pos_net_z_z_bm":-0.831905951,"fails_factor_z_bm":0.7857397635,"instability_index":1.3561329614,"constraint_index":-0.048322457,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-12-09T00:00:00.000","rv_2y_20d_z":1.3179022892,"rv_5y_20d_z":1.957760226,"rv_10y_20d_z":2.3382623908,"rv_slope_20d_z":0.4066774595,"spread":0.04,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.758045592,"dealer_fails_receive_z":1.3635486383,"dealer_fails_deliver_z":0.7946671832,"fails_factor":1.0791079108,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.83167958,"fails_factor_z_bm":1.1399565156,"instability_index":1.5051505914,"constraint_index":0.4928612429,"instability_category":"Extreme","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2022-12-16T00:00:00.000","rv_2y_20d_z":0.808202036,"rv_5y_20d_z":0.7858759259,"rv_10y_20d_z":0.8173113448,"rv_slope_20d_z":0.6527555816,"spread":0.04,"week_delta_spread":0.0,"repo_backstop_usage":0.002,"dealer_pos_net_z":-0.587927617,"dealer_fails_receive_z":1.3802749214,"dealer_fails_deliver_z":1.1814182564,"fails_factor":1.2808465889,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256561157,"dealer_pos_net_z_z_bm":-0.65541879,"fails_factor_z_bm":1.3470382937,"instability_index":0.7660362221,"constraint_index":0.4032922767,"instability_category":"Elevated","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"September 2019 repo episode"},{"date":"2022-12-23T00:00:00.000","rv_2y_20d_z":0.8953123739,"rv_5y_20d_z":1.0249556671,"rv_10y_20d_z":1.2082273669,"rv_slope_20d_z":0.9247378234,"spread":0.04,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.81929998,"dealer_fails_receive_z":0.6239768668,"dealer_fails_deliver_z":0.3310770202,"fails_factor":0.4775269435,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.895145811,"fails_factor_z_bm":0.5224425241,"instability_index":1.0133083078,"constraint_index":0.1903910939,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2022-12-30T00:00:00.000","rv_2y_20d_z":0.6091040408,"rv_5y_20d_z":0.6575524422,"rv_10y_20d_z":0.8150709659,"rv_slope_20d_z":1.2980044557,"spread":0.04,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.845964706,"dealer_fails_receive_z":0.9601795123,"dealer_fails_deliver_z":0.81825194,"fails_factor":0.8892157263,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.922773378,"fails_factor_z_bm":0.9450349885,"instability_index":0.8449329761,"constraint_index":0.2693840735,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-01-06T00:00:00.000","rv_2y_20d_z":0.9236136731,"rv_5y_20d_z":1.045498656,"rv_10y_20d_z":1.2481529016,"rv_slope_20d_z":1.68429607,"spread":0.04,"week_delta_spread":0.0,"repo_backstop_usage":0.001,"dealer_pos_net_z":-0.852409923,"dealer_fails_receive_z":1.3127164187,"dealer_fails_deliver_z":1.3501624471,"fails_factor":1.3314394329,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":-0.929451326,"fails_factor_z_bm":1.398971102,"instability_index":1.2253903252,"constraint_index":0.3588540188,"instability_category":"Elevated","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-01-13T00:00:00.000","rv_2y_20d_z":0.778065213,"rv_5y_20d_z":1.017350108,"rv_10y_20d_z":1.3226351211,"rv_slope_20d_z":1.5489504667,"spread":0.03,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.679441752,"dealer_fails_receive_z":0.3362760864,"dealer_fails_deliver_z":0.088098042,"fails_factor":0.2121870642,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.750237422,"fails_factor_z_bm":0.2500750508,"instability_index":1.1667502271,"constraint_index":-0.139304816,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-01-20T00:00:00.000","rv_2y_20d_z":0.8815316145,"rv_5y_20d_z":1.2539651792,"rv_10y_20d_z":1.4329722288,"rv_slope_20d_z":1.0086052983,"spread":0.04,"week_delta_spread":0.01,"repo_backstop_usage":0.001,"dealer_pos_net_z":-0.442915203,"dealer_fails_receive_z":0.9631196793,"dealer_fails_deliver_z":0.7302411234,"fails_factor":0.8466804014,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":-0.5051701,"fails_factor_z_bm":0.9013731047,"instability_index":1.1442685802,"constraint_index":0.5104647688,"instability_category":"Elevated","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"September 2019 repo episode"},{"date":"2023-01-27T00:00:00.000","rv_2y_20d_z":0.9873748428,"rv_5y_20d_z":1.1579786785,"rv_10y_20d_z":1.2126566005,"rv_slope_20d_z":0.6255531995,"spread":0.03,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.163168956,"dealer_fails_receive_z":0.2781478969,"dealer_fails_deliver_z":0.1478509612,"fails_factor":0.212999429,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.215322454,"fails_factor_z_bm":0.2509089313,"instability_index":0.9958908303,"constraint_index":-0.032155047,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-02-03T00:00:00.000","rv_2y_20d_z":1.4699361533,"rv_5y_20d_z":1.7198704054,"rv_10y_20d_z":1.4875947781,"rv_slope_20d_z":0.171207012,"spread":0.03,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.233073242,"dealer_fails_receive_z":-0.115878032,"dealer_fails_deliver_z":-0.134703677,"fails_factor":-0.125290855,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.287750924,"fails_factor_z_bm":-0.096341056,"instability_index":1.2121520871,"constraint_index":0.050183366,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-02-10T00:00:00.000","rv_2y_20d_z":1.0603915819,"rv_5y_20d_z":1.1810386527,"rv_10y_20d_z":0.9383190012,"rv_slope_20d_z":0.099660509,"spread":0.03,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.163456954,"dealer_fails_receive_z":0.3162829512,"dealer_fails_deliver_z":0.1004867328,"fails_factor":0.208384842,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.215620852,"fails_factor_z_bm":0.2461721258,"instability_index":0.8198524362,"constraint_index":0.1331120169,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-02-17T00:00:00.000","rv_2y_20d_z":0.774760188,"rv_5y_20d_z":0.6629261073,"rv_10y_20d_z":0.311343614,"rv_slope_20d_z":-0.189013924,"spread":0.03,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.422119696,"dealer_fails_receive_z":-0.077721199,"dealer_fails_deliver_z":-0.292130105,"fails_factor":-0.184925652,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.483623685,"fails_factor_z_bm":-0.157555296,"instability_index":0.3900039965,"constraint_index":-0.001234034,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2023-02-24T00:00:00.000","rv_2y_20d_z":0.7098430726,"rv_5y_20d_z":0.8816823866,"rv_10y_20d_z":0.599864712,"rv_slope_20d_z":0.077773891,"spread":0.04,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.450572001,"dealer_fails_receive_z":0.031413443,"dealer_fails_deliver_z":0.1562966894,"fails_factor":0.093855066,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.513103379,"fails_factor_z_bm":0.1286089997,"instability_index":0.5672910157,"constraint_index":0.3543069798,"instability_category":"Elevated","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"September 2019 repo episode"},{"date":"2023-03-03T00:00:00.000","rv_2y_20d_z":0.408090707,"rv_5y_20d_z":0.4874457184,"rv_10y_20d_z":0.6125080885,"rv_slope_20d_z":0.5379701003,"spread":0.04,"week_delta_spread":0.0,"repo_backstop_usage":0.002,"dealer_pos_net_z":-0.210867533,"dealer_fails_receive_z":0.7433476448,"dealer_fails_deliver_z":0.5568968098,"fails_factor":0.6501222273,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256561157,"dealer_pos_net_z_z_bm":-0.264743386,"fails_factor_z_bm":0.6996090377,"instability_index":0.5115036536,"constraint_index":0.3519415062,"instability_category":"Elevated","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"September 2019 repo episode"},{"date":"2023-03-10T00:00:00.000","rv_2y_20d_z":1.4390385133,"rv_5y_20d_z":1.2741134937,"rv_10y_20d_z":1.3300128688,"rv_slope_20d_z":1.3519616236,"spread":0.04,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.195514212,"dealer_fails_receive_z":0.9166432625,"dealer_fails_deliver_z":1.1121486809,"fails_factor":1.0143959717,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.24883567,"fails_factor_z_bm":1.0735306644,"instability_index":1.3487816248,"constraint_index":0.4298707503,"instability_category":"Elevated","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-03-17T00:00:00.000","rv_2y_20d_z":4.746597607,"rv_5y_20d_z":3.1132653681,"rv_10y_20d_z":2.1504991672,"rv_slope_20d_z":5.7916881076,"spread":0.02,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.130078874,"dealer_fails_receive_z":1.2884110386,"dealer_fails_deliver_z":1.1055770768,"fails_factor":1.1969940577,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.181037518,"fails_factor_z_bm":1.260964907,"instability_index":3.9505125625,"constraint_index":-0.127490958,"instability_category":"Extreme","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2023 banking stress"},{"date":"2023-03-24T00:00:00.000","rv_2y_20d_z":5.2682375168,"rv_5y_20d_z":3.5772404722,"rv_10y_20d_z":2.3005650591,"rv_slope_20d_z":6.11159858,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.438049015,"dealer_fails_receive_z":0.7383384715,"dealer_fails_deliver_z":0.6045044309,"fails_factor":0.671421451,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.500128198,"fails_factor_z_bm":0.7214723769,"instability_index":4.314410407,"constraint_index":0.033340609,"instability_category":"Extreme","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2023 banking stress"},{"date":"2023-03-31T00:00:00.000","rv_2y_20d_z":5.5001094445,"rv_5y_20d_z":3.8156585916,"rv_10y_20d_z":2.3884176171,"rv_slope_20d_z":6.1208706899,"spread":0.07,"week_delta_spread":0.05,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.078462126,"dealer_fails_receive_z":0.9937191945,"dealer_fails_deliver_z":1.2081671192,"fails_factor":1.1009431568,"spread_z_bm":3.6443429681,"week_delta_spread_z_bm":4.1628625144,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.035033721,"fails_factor_z_bm":1.1623700737,"instability_index":4.4562640858,"constraint_index":1.7495729994,"instability_category":"Extreme","constraint_category":"High","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2023 banking stress"},{"date":"2023-04-07T00:00:00.000","rv_2y_20d_z":5.2315501711,"rv_5y_20d_z":3.5631282946,"rv_10y_20d_z":2.0043273217,"rv_slope_20d_z":5.8192358345,"spread":0.02,"week_delta_spread":-0.05,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.215882686,"dealer_fails_receive_z":1.1144184924,"dealer_fails_deliver_z":0.947907256,"fails_factor":1.0311628742,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-4.1508427,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.269939633,"fails_factor_z_bm":1.0907416426,"instability_index":4.154560405,"constraint_index":-0.678138346,"instability_category":"Extreme","constraint_category":"Negative\/Mild","narrative":"Volatility is extreme, yet funding pressure is negative or mild.","closest_episode":"March 2023 banking stress"},{"date":"2023-04-14T00:00:00.000","rv_2y_20d_z":2.343988379,"rv_5y_20d_z":1.9191899249,"rv_10y_20d_z":0.9555724746,"rv_slope_20d_z":1.3556789433,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.2322589,"dealer_fails_receive_z":0.760531287,"dealer_fails_deliver_z":0.365930861,"fails_factor":0.5632310743,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.286907177,"fails_factor_z_bm":0.6104165505,"instability_index":1.6436074305,"constraint_index":0.3579777411,"instability_category":"Extreme","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-04-21T00:00:00.000","rv_2y_20d_z":1.1441752614,"rv_5y_20d_z":0.8744791486,"rv_10y_20d_z":0.3217558105,"rv_slope_20d_z":0.078002922,"spread":0.04,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.395216626,"dealer_fails_receive_z":0.424829559,"dealer_fails_deliver_z":0.3223878992,"fails_factor":0.3736087291,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.455749168,"fails_factor_z_bm":0.4157720094,"instability_index":0.6046032857,"constraint_index":0.423210424,"instability_category":"Elevated","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"September 2019 repo episode"},{"date":"2023-04-28T00:00:00.000","rv_2y_20d_z":1.7588310243,"rv_5y_20d_z":1.1973053498,"rv_10y_20d_z":0.5128765381,"rv_slope_20d_z":0.931473897,"spread":0.02,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.225714373,"dealer_fails_receive_z":-0.212250171,"dealer_fails_deliver_z":0.1299615943,"fails_factor":-0.041144288,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.280126333,"fails_factor_z_bm":-0.009965847,"instability_index":1.1001217023,"constraint_index":-0.401494872,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-05-05T00:00:00.000","rv_2y_20d_z":2.1062896306,"rv_5y_20d_z":1.6611719208,"rv_10y_20d_z":1.1461713995,"rv_slope_20d_z":1.5772118614,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.001,"dealer_pos_net_z":-0.197321653,"dealer_fails_receive_z":0.2300380541,"dealer_fails_deliver_z":0.7643647864,"fails_factor":0.4972014202,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":-0.250708377,"fails_factor_z_bm":0.5426380843,"instability_index":1.6227112031,"constraint_index":0.35168012,"instability_category":"Extreme","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-05-12T00:00:00.000","rv_2y_20d_z":2.1350171343,"rv_5y_20d_z":1.8280364696,"rv_10y_20d_z":1.3969072928,"rv_slope_20d_z":1.4234123839,"spread":0.03,"week_delta_spread":8.881784197e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.442508032,"dealer_fails_receive_z":-0.142165302,"dealer_fails_deliver_z":0.178153358,"fails_factor":0.017994028,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.504748227,"fails_factor_z_bm":0.050738763,"instability_index":1.6958433202,"constraint_index":0.036199869,"instability_category":"Extreme","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-05-19T00:00:00.000","rv_2y_20d_z":2.142653646,"rv_5y_20d_z":1.9231045856,"rv_10y_20d_z":1.4070068128,"rv_slope_20d_z":1.4426216,"spread":0.03,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.263779884,"dealer_fails_receive_z":-0.115986927,"dealer_fails_deliver_z":0.1242175255,"fails_factor":0.004115299,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.319566357,"fails_factor_z_bm":0.036492453,"instability_index":1.7288466612,"constraint_index":0.070386981,"instability_category":"Extreme","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-05-26T00:00:00.000","rv_2y_20d_z":1.5411948452,"rv_5y_20d_z":1.4204284175,"rv_10y_20d_z":0.917084721,"rv_slope_20d_z":0.959612634,"spread":0.01,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.15583988,"dealer_fails_receive_z":0.37796112,"dealer_fails_deliver_z":0.5439969943,"fails_factor":0.4609790571,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.207728732,"fails_factor_z_bm":0.5054563627,"instability_index":1.2095801544,"constraint_index":-0.421860899,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-06-02T00:00:00.000","rv_2y_20d_z":1.1863907975,"rv_5y_20d_z":1.018078386,"rv_10y_20d_z":0.420387001,"rv_slope_20d_z":0.3000221225,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.081381839,"dealer_fails_receive_z":0.8754155882,"dealer_fails_deliver_z":1.2516370636,"fails_factor":1.0635263259,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.038058862,"fails_factor_z_bm":1.1239622485,"instability_index":0.7312195768,"constraint_index":0.3877500994,"instability_category":"Elevated","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"September 2019 repo episode"},{"date":"2023-06-09T00:00:00.000","rv_2y_20d_z":0.849137073,"rv_5y_20d_z":0.6278868609,"rv_10y_20d_z":0.1509344386,"rv_slope_20d_z":0.3069211272,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.562702886,"dealer_fails_receive_z":1.4414521729,"dealer_fails_deliver_z":1.8095419156,"fails_factor":1.6254970442,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.629283214,"fails_factor_z_bm":1.7008169036,"instability_index":0.4837198749,"constraint_index":0.507582604,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2023-06-16T00:00:00.000","rv_2y_20d_z":1.1203546946,"rv_5y_20d_z":1.0539538825,"rv_10y_20d_z":0.5325097903,"rv_slope_20d_z":0.4372628445,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.153774233,"dealer_fails_receive_z":0.4330838055,"dealer_fails_deliver_z":0.5153740074,"fails_factor":0.474228906,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.205588495,"fails_factor_z_bm":0.5190571376,"instability_index":0.786020303,"constraint_index":-0.114508603,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-06-23T00:00:00.000","rv_2y_20d_z":1.2193172973,"rv_5y_20d_z":1.1241410055,"rv_10y_20d_z":0.6879148837,"rv_slope_20d_z":0.3596245241,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.145064749,"dealer_fails_receive_z":0.4784930505,"dealer_fails_deliver_z":0.1572945997,"fails_factor":0.3178938251,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.196564519,"fails_factor_z_bm":0.3585814821,"instability_index":0.8477494277,"constraint_index":0.021475166,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-06-30T00:00:00.000","rv_2y_20d_z":0.997741296,"rv_5y_20d_z":0.968436805,"rv_10y_20d_z":0.6743976172,"rv_slope_20d_z":0.024258772,"spread":0.04,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.2321443009,"dealer_fails_receive_z":1.1110645242,"dealer_fails_deliver_z":0.741461529,"fails_factor":0.926263027,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":1.66875095,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.194265228,"fails_factor_z_bm":0.983063496,"instability_index":0.6662086225,"constraint_index":0.8329457048,"instability_category":"Elevated","constraint_category":"High","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"September 2019 repo episode"},{"date":"2023-07-07T00:00:00.000","rv_2y_20d_z":0.7886707443,"rv_5y_20d_z":0.9021595244,"rv_10y_20d_z":0.7600881791,"rv_slope_20d_z":0.3266800988,"spread":0.02,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.043977133,"dealer_fails_receive_z":0.6713680022,"dealer_fails_deliver_z":0.2932537875,"fails_factor":0.4823108949,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.091826715,"fails_factor_z_bm":0.5273531795,"instability_index":0.694399637,"constraint_index":-0.256371143,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-07-14T00:00:00.000","rv_2y_20d_z":1.3638542972,"rv_5y_20d_z":1.5889563163,"rv_10y_20d_z":1.1499954295,"rv_slope_20d_z":0.452328486,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1894112219,"dealer_fails_receive_z":0.3361454123,"dealer_fails_deliver_z":-0.164397592,"fails_factor":0.08587391,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1499890941,"fails_factor_z_bm":0.1204164606,"instability_index":1.1387836323,"constraint_index":0.043152884,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-07-21T00:00:00.000","rv_2y_20d_z":1.1072310952,"rv_5y_20d_z":1.2951788664,"rv_10y_20d_z":0.9888507182,"rv_slope_20d_z":0.6022202082,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.120793392,"dealer_fails_receive_z":0.1666829011,"dealer_fails_deliver_z":-0.143563173,"fails_factor":0.011559864,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.171416745,"fails_factor_z_bm":0.044134188,"instability_index":0.998370222,"constraint_index":-0.036384738,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-07-28T00:00:00.000","rv_2y_20d_z":0.7769239899,"rv_5y_20d_z":1.2250707611,"rv_10y_20d_z":0.9919573102,"rv_slope_20d_z":0.6022202082,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.217997989,"dealer_fails_receive_z":-0.735512771,"dealer_fails_deliver_z":-0.675351984,"fails_factor":-0.705432377,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.272131317,"fails_factor_z_bm":-0.691847774,"instability_index":0.899043067,"constraint_index":-0.203724045,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-08-04T00:00:00.000","rv_2y_20d_z":0.8586847076,"rv_5y_20d_z":1.2949353686,"rv_10y_20d_z":1.3725464133,"rv_slope_20d_z":0.6275975503,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.45294551,"dealer_fails_receive_z":-0.153316158,"dealer_fails_deliver_z":-0.225513511,"fails_factor":-0.189414834,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.515562593,"fails_factor_z_bm":-0.162163376,"instability_index":1.0384410099,"constraint_index":-0.146473421,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-08-11T00:00:00.000","rv_2y_20d_z":-0.065110186,"rv_5y_20d_z":0.6178265993,"rv_10y_20d_z":1.0335891159,"rv_slope_20d_z":0.6939106216,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.001,"dealer_pos_net_z":-0.58158171,"dealer_fails_receive_z":0.1835616373,"dealer_fails_deliver_z":0.3960628834,"fails_factor":0.2898122603,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":-0.648843738,"fails_factor_z_bm":0.3297561699,"instability_index":0.5700540376,"constraint_index":-0.074727428,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-08-18T00:00:00.000","rv_2y_20d_z":0.05800268,"rv_5y_20d_z":0.5540433958,"rv_10y_20d_z":0.8853990525,"rv_slope_20d_z":0.6756901523,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.63119697,"dealer_fails_receive_z":-0.048580877,"dealer_fails_deliver_z":0.3855239775,"fails_factor":0.1684715501,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.700250562,"fails_factor_z_bm":0.2052017202,"instability_index":0.54328382,"constraint_index":0.1942660981,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-08-25T00:00:00.000","rv_2y_20d_z":0.061767109,"rv_5y_20d_z":0.5027500341,"rv_10y_20d_z":0.9777334342,"rv_slope_20d_z":1.0202488884,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.407004719,"dealer_fails_receive_z":0.277603422,"dealer_fails_deliver_z":0.581114388,"fails_factor":0.429358905,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.467962919,"fails_factor_z_bm":0.4729987426,"instability_index":0.6406248665,"constraint_index":-0.176195167,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-09-01T00:00:00.000","rv_2y_20d_z":0.081732493,"rv_5y_20d_z":0.438722362,"rv_10y_20d_z":0.540145184,"rv_slope_20d_z":0.6917300566,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.327934123,"dealer_fails_receive_z":0.06329792,"dealer_fails_deliver_z":0.096154342,"fails_factor":0.079726131,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.386037151,"fails_factor_z_bm":0.1141058561,"instability_index":0.4380825238,"constraint_index":-0.36951858,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2023-09-08T00:00:00.000","rv_2y_20d_z":0.2618800172,"rv_5y_20d_z":0.47349152,"rv_10y_20d_z":0.4240868141,"rv_slope_20d_z":0.3677966723,"spread":0.0,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.178770551,"dealer_fails_receive_z":0.397148432,"dealer_fails_deliver_z":0.3748633752,"fails_factor":0.3860059034,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.23148741,"fails_factor_z_bm":0.428497526,"instability_index":0.381813756,"constraint_index":-0.413660287,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2023-09-15T00:00:00.000","rv_2y_20d_z":0.081479083,"rv_5y_20d_z":0.2718579529,"rv_10y_20d_z":0.31211212,"rv_slope_20d_z":0.1410577168,"spread":0.01,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.203737077,"dealer_fails_receive_z":-0.357581534,"dealer_fails_deliver_z":-0.74394006,"fails_factor":-0.550760797,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.257355456,"fails_factor_z_bm":-0.533079677,"instability_index":0.2016267181,"constraint_index":-0.140671139,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2023-09-22T00:00:00.000","rv_2y_20d_z":-0.055806993,"rv_5y_20d_z":-0.020833295,"rv_10y_20d_z":0.1034093166,"rv_slope_20d_z":0.755577048,"spread":0.0,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.236698055,"dealer_fails_receive_z":-0.091376641,"dealer_fails_deliver_z":-0.291935391,"fails_factor":-0.191656016,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.291506627,"fails_factor_z_bm":-0.164463916,"instability_index":0.1955865192,"constraint_index":-0.544256418,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2023-09-29T00:00:00.000","rv_2y_20d_z":-0.283491162,"rv_5y_20d_z":-0.448588127,"rv_10y_20d_z":-0.02756839,"rv_slope_20d_z":1.1557991903,"spread":0.01,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.141042695,"dealer_fails_receive_z":0.426462985,"dealer_fails_deliver_z":0.1322251469,"fails_factor":0.279344066,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.192397233,"fails_factor_z_bm":0.3190107228,"instability_index":0.099037878,"constraint_index":0.042738586,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2023-10-06T00:00:00.000","rv_2y_20d_z":-0.154013329,"rv_5y_20d_z":-0.102401558,"rv_10y_20d_z":0.3301675807,"rv_slope_20d_z":0.9649447597,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.173894432,"dealer_fails_receive_z":0.817614084,"dealer_fails_deliver_z":0.5677034477,"fails_factor":0.6926587659,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.226435218,"fails_factor_z_bm":0.743272167,"instability_index":0.2596743635,"constraint_index":-0.045490826,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2023-10-13T00:00:00.000","rv_2y_20d_z":0.1774579101,"rv_5y_20d_z":0.4682895786,"rv_10y_20d_z":1.1774127332,"rv_slope_20d_z":1.5434427372,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.281854298,"dealer_fails_receive_z":-0.336150984,"dealer_fails_deliver_z":-0.697062617,"fails_factor":-0.5166068,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.338293423,"fails_factor_z_bm":-0.498021104,"instability_index":0.8416507398,"constraint_index":-0.316121122,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-10-20T00:00:00.000","rv_2y_20d_z":0.4182814026,"rv_5y_20d_z":0.8410085121,"rv_10y_20d_z":1.2854517573,"rv_slope_20d_z":1.2309320387,"spread":0.0,"week_delta_spread":-0.01,"repo_backstop_usage":0.001,"dealer_pos_net_z":-0.408702919,"dealer_fails_receive_z":-0.403861939,"dealer_fails_deliver_z":-0.723056962,"fails_factor":-0.563459451,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":-0.46972244,"fails_factor_z_bm":-0.546114659,"instability_index":0.9439184277,"constraint_index":-0.656211417,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-10-27T00:00:00.000","rv_2y_20d_z":0.4069552619,"rv_5y_20d_z":0.9974229635,"rv_10y_20d_z":1.5646211743,"rv_slope_20d_z":1.0412998026,"spread":0.01,"week_delta_spread":0.01,"repo_backstop_usage":0.001,"dealer_pos_net_z":-0.349623419,"dealer_fails_receive_z":-0.205956036,"dealer_fails_deliver_z":-0.541899741,"fails_factor":-0.373927888,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":-0.40850963,"fails_factor_z_bm":-0.351563305,"instability_index":1.0025748006,"constraint_index":-0.134580387,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2023-11-03T00:00:00.000","rv_2y_20d_z":0.6687561342,"rv_5y_20d_z":1.259382518,"rv_10y_20d_z":1.6373067263,"rv_slope_20d_z":1.5455620322,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.228415604,"dealer_fails_receive_z":-0.515501167,"dealer_fails_deliver_z":-0.701200293,"fails_factor":-0.60835073,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.282925103,"fails_factor_z_bm":-0.592194895,"instability_index":1.2777518527,"constraint_index":-0.019678122,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-11-10T00:00:00.000","rv_2y_20d_z":0.6662385827,"rv_5y_20d_z":1.3143610794,"rv_10y_20d_z":1.6463788595,"rv_slope_20d_z":1.5794526407,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.268834761,"dealer_fails_receive_z":-0.74790503,"dealer_fails_deliver_z":-0.767305763,"fails_factor":-0.757605397,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.324803762,"fails_factor_z_bm":-0.745402609,"instability_index":1.3016077906,"constraint_index":-0.224969501,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-11-17T00:00:00.000","rv_2y_20d_z":1.1711508275,"rv_5y_20d_z":1.6679338623,"rv_10y_20d_z":1.7134733627,"rv_slope_20d_z":0.9489219973,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":-0.341827587,"dealer_fails_receive_z":0.078848136,"dealer_fails_deliver_z":-0.282151003,"fails_factor":-0.101651433,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":-0.400432297,"fails_factor_z_bm":-0.072075539,"instability_index":1.3753700125,"constraint_index":-0.105429794,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-11-24T00:00:00.000","rv_2y_20d_z":1.125397707,"rv_5y_20d_z":1.5655507573,"rv_10y_20d_z":1.3949161549,"rv_slope_20d_z":0.790963356,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.201328418,"dealer_fails_receive_z":-0.274668826,"dealer_fails_deliver_z":-0.190099866,"fails_factor":-0.232384346,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1623366101,"fails_factor_z_bm":-0.206270946,"instability_index":1.2192069938,"constraint_index":-0.019715094,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-12-01T00:00:00.000","rv_2y_20d_z":1.479299083,"rv_5y_20d_z":1.8670647799,"rv_10y_20d_z":1.6969285507,"rv_slope_20d_z":0.4147071087,"spread":0.08,"week_delta_spread":0.06,"repo_backstop_usage":0.001,"dealer_pos_net_z":0.085056308,"dealer_fails_receive_z":-0.736449269,"dealer_fails_deliver_z":-0.655491136,"fails_factor":-0.695970202,"spread_z_bm":4.3339929142,"week_delta_spread_z_bm":4.9942330359,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":0.041866013,"fails_factor_z_bm":-0.682134991,"instability_index":1.3644998806,"constraint_index":1.6862608507,"instability_category":"Elevated","constraint_category":"High","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-12-08T00:00:00.000","rv_2y_20d_z":1.3838820154,"rv_5y_20d_z":1.6036782472,"rv_10y_20d_z":1.3111758452,"rv_slope_20d_z":0.072270467,"spread":0.02,"week_delta_spread":-0.06,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1210363093,"dealer_fails_receive_z":-0.05735782,"dealer_fails_deliver_z":-0.089919412,"fails_factor":-0.073638616,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-4.982213221,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.079145222,"fails_factor_z_bm":-0.043320795,"instability_index":1.0927516437,"constraint_index":-1.001407967,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-12-15T00:00:00.000","rv_2y_20d_z":1.5702032327,"rv_5y_20d_z":1.403767278,"rv_10y_20d_z":1.0224350043,"rv_slope_20d_z":0.786738532,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1725483894,"dealer_fails_receive_z":-0.348129442,"dealer_fails_deliver_z":-0.413510068,"fails_factor":-0.380819755,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1325173591,"fails_factor_z_bm":-0.358637704,"instability_index":1.1957860119,"constraint_index":-0.056152296,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2023-12-22T00:00:00.000","rv_2y_20d_z":1.4747841782,"rv_5y_20d_z":1.366989838,"rv_10y_20d_z":1.0754367128,"rv_slope_20d_z":0.7988692931,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.001,"dealer_pos_net_z":-0.109968606,"dealer_fails_receive_z":1.7103576639,"dealer_fails_deliver_z":1.6515070057,"fails_factor":1.6809323348,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":-0.160201085,"fails_factor_z_bm":1.7577204119,"instability_index":1.1790200055,"constraint_index":0.3085939507,"instability_category":"Elevated","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"September 2019 repo episode"},{"date":"2023-12-29T00:00:00.000","rv_2y_20d_z":1.3023592398,"rv_5y_20d_z":1.2465639673,"rv_10y_20d_z":0.9812947697,"rv_slope_20d_z":0.9420546887,"spread":0.05,"week_delta_spread":0.03,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.2124809273,"dealer_fails_receive_z":2.0817116387,"dealer_fails_deliver_z":2.7040345958,"fails_factor":2.3928731172,"spread_z_bm":2.2650430759,"week_delta_spread_z_bm":2.5001214716,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.173891827,"fails_factor_z_bm":2.4885171263,"instability_index":1.1180681664,"constraint_index":1.4341658441,"instability_category":"Elevated","constraint_category":"High","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"September 2019 repo episode"},{"date":"2024-01-05T00:00:00.000","rv_2y_20d_z":1.1222469067,"rv_5y_20d_z":1.0091288032,"rv_10y_20d_z":0.771460239,"rv_slope_20d_z":0.7470228551,"spread":0.01,"week_delta_spread":-0.04,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1712573598,"dealer_fails_receive_z":1.4027726433,"dealer_fails_deliver_z":2.121595755,"fails_factor":1.7621841992,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-3.319472178,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1311797116,"fails_factor_z_bm":1.8411242525,"instability_index":0.912464701,"constraint_index":-0.419493841,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-01-12T00:00:00.000","rv_2y_20d_z":0.3155345453,"rv_5y_20d_z":0.1376107481,"rv_10y_20d_z":0.1685568636,"rv_slope_20d_z":0.4806487473,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.001,"dealer_pos_net_z":0.1872561956,"dealer_fails_receive_z":-0.706394229,"dealer_fails_deliver_z":-0.611291013,"fails_factor":-0.658842621,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":0.1477562517,"fails_factor_z_bm":-0.644024076,"instability_index":0.275587726,"constraint_index":-0.248093469,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-01-19T00:00:00.000","rv_2y_20d_z":0.525663345,"rv_5y_20d_z":0.285073451,"rv_10y_20d_z":0.076874573,"rv_slope_20d_z":0.573022632,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.1045210617,"dealer_fails_receive_z":-0.650944858,"dealer_fails_deliver_z":-0.674305395,"fails_factor":-0.662625127,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.062033622,"fails_factor_z_bm":-0.647906762,"instability_index":0.3651585002,"constraint_index":-0.266032844,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-01-26T00:00:00.000","rv_2y_20d_z":0.5208283137,"rv_5y_20d_z":0.018993239,"rv_10y_20d_z":-0.289750174,"rv_slope_20d_z":0.8009741208,"spread":0.01,"week_delta_spread":8.881784197e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.3672157876,"dealer_fails_receive_z":-0.867820284,"dealer_fails_deliver_z":-0.717702322,"fails_factor":-0.792761303,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.3342140316,"fails_factor_z_bm":-0.781489628,"instability_index":0.2627613749,"constraint_index":-0.238313336,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-02-02T00:00:00.000","rv_2y_20d_z":0.8917022114,"rv_5y_20d_z":0.8185556277,"rv_10y_20d_z":0.625694883,"rv_slope_20d_z":0.97956318,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.4904098022,"dealer_fails_receive_z":-0.62857781,"dealer_fails_deliver_z":-0.513228076,"fails_factor":-0.570902943,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.4618564774,"fails_factor_z_bm":-0.553755294,"instability_index":0.828878976,"constraint_index":-0.167237979,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-02-09T00:00:00.000","rv_2y_20d_z":0.9099864057,"rv_5y_20d_z":1.0646710371,"rv_10y_20d_z":0.9812947697,"rv_slope_20d_z":0.9137614371,"spread":0.01,"week_delta_spread":-8.88e-16,"repo_backstop_usage":0.001,"dealer_pos_net_z":0.4603784681,"dealer_fails_receive_z":-0.592272193,"dealer_fails_deliver_z":-0.349619472,"fails_factor":-0.470945833,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":0.4307407373,"fails_factor_z_bm":-0.451150794,"instability_index":0.9674284124,"constraint_index":-0.152921915,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-02-16T00:00:00.000","rv_2y_20d_z":0.9906325579,"rv_5y_20d_z":1.3155110547,"rv_10y_20d_z":1.1766538628,"rv_slope_20d_z":0.2426541176,"spread":0.0,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.466803823,"dealer_fails_receive_z":-0.848937878,"dealer_fails_deliver_z":-0.572713263,"fails_factor":-0.71082557,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.4373981063,"fails_factor_z_bm":-0.697383807,"instability_index":0.9313628982,"constraint_index":-0.50505945,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-02-23T00:00:00.000","rv_2y_20d_z":0.933955816,"rv_5y_20d_z":1.3174469925,"rv_10y_20d_z":1.2286586907,"rv_slope_20d_z":-0.109197059,"spread":0.01,"week_delta_spread":0.01,"repo_backstop_usage":0.001,"dealer_pos_net_z":0.6355811126,"dealer_fails_receive_z":-0.653863246,"dealer_fails_deliver_z":-0.381649957,"fails_factor":-0.517756602,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":0.6122698,"fails_factor_z_bm":-0.499201358,"instability_index":0.84271611,"constraint_index":0.040047889,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-03-01T00:00:00.000","rv_2y_20d_z":0.8411915554,"rv_5y_20d_z":1.1001610392,"rv_10y_20d_z":0.8393556442,"rv_slope_20d_z":-0.519830957,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.001,"dealer_pos_net_z":0.1413551286,"dealer_fails_receive_z":-0.371106302,"dealer_fails_deliver_z":-0.246469626,"fails_factor":-0.308787964,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":0.1001977362,"fails_factor_z_bm":-0.284698133,"instability_index":0.5652193204,"constraint_index":-0.185739983,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-03-08T00:00:00.000","rv_2y_20d_z":0.53102292,"rv_5y_20d_z":0.3260757977,"rv_10y_20d_z":-0.019610644,"rv_slope_20d_z":-0.418483472,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.2122425834,"dealer_fails_receive_z":-0.330031081,"dealer_fails_deliver_z":-0.133024268,"fails_factor":-0.231527674,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1736448767,"fails_factor_z_bm":-0.205391585,"instability_index":0.1047511506,"constraint_index":-0.155207558,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-03-15T00:00:00.000","rv_2y_20d_z":0.1222189721,"rv_5y_20d_z":-0.026456809,"rv_10y_20d_z":-0.214973556,"rv_slope_20d_z":-0.587677719,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.002,"dealer_pos_net_z":0.3335993636,"dealer_fails_receive_z":-0.557251538,"dealer_fails_deliver_z":-0.427407794,"fails_factor":-0.492329666,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256561157,"dealer_pos_net_z_z_bm":0.2993837471,"fails_factor_z_bm":-0.473100983,"instability_index":-0.176722278,"constraint_index":-0.183565039,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-03-22T00:00:00.000","rv_2y_20d_z":0.1083014755,"rv_5y_20d_z":-0.054600718,"rv_10y_20d_z":-0.380504878,"rv_slope_20d_z":-0.53584921,"spread":0.0,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.3450299409,"dealer_fails_receive_z":-0.542768493,"dealer_fails_deliver_z":-0.260489049,"fails_factor":-0.401628771,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.3112270728,"fails_factor_z_bm":-0.379997852,"instability_index":-0.215663333,"constraint_index":-0.466816466,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-03-29T00:00:00.000","rv_2y_20d_z":0.1395437094,"rv_5y_20d_z":-0.072800979,"rv_10y_20d_z":-0.40218315,"rv_slope_20d_z":-0.043285909,"spread":0.02,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.3543154228,"dealer_fails_receive_z":0.2819810035,"dealer_fails_deliver_z":0.6179153712,"fails_factor":0.4499481873,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":1.6687509502,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.3208478456,"fails_factor_z_bm":0.4941333375,"instability_index":-0.094681582,"constraint_index":0.4846162182,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2024-04-05T00:00:00.000","rv_2y_20d_z":0.140850524,"rv_5y_20d_z":-0.038344779,"rv_10y_20d_z":-0.155335889,"rv_slope_20d_z":-0.1595268,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.4022424131,"dealer_fails_receive_z":1.0658948483,"dealer_fails_deliver_z":1.4417267981,"fails_factor":1.2538108232,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.3705054388,"fails_factor_z_bm":1.3192864789,"instability_index":-0.053089236,"constraint_index":0.022826063,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-04-12T00:00:00.000","rv_2y_20d_z":0.8221588471,"rv_5y_20d_z":0.8382023598,"rv_10y_20d_z":0.573318217,"rv_slope_20d_z":0.008975216,"spread":0.01,"week_delta_spread":-8.88e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.7709505293,"dealer_fails_receive_z":-0.343468733,"dealer_fails_deliver_z":-0.251215785,"fails_factor":-0.297342259,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.7525272916,"fails_factor_z_bm":-0.272949285,"instability_index":0.5606636598,"constraint_index":-0.052942615,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-04-19T00:00:00.000","rv_2y_20d_z":0.713301332,"rv_5y_20d_z":0.9623106769,"rv_10y_20d_z":0.9541379269,"rv_slope_20d_z":0.1332378588,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.7872870189,"dealer_fails_receive_z":-0.713494187,"dealer_fails_deliver_z":-0.706141166,"fails_factor":-0.709817677,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.769453678,"fails_factor_z_bm":-0.696349219,"instability_index":0.6907469486,"constraint_index":-0.134237324,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-04-26T00:00:00.000","rv_2y_20d_z":0.839259746,"rv_5y_20d_z":0.8921794981,"rv_10y_20d_z":0.8647562769,"rv_slope_20d_z":0.1466279245,"spread":0.01,"week_delta_spread":8.881784197e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.7276017285,"dealer_fails_receive_z":-0.663162885,"dealer_fails_deliver_z":-0.448436927,"fails_factor":-0.555799906,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.7076132025,"fails_factor_z_bm":-0.538252249,"instability_index":0.6857058614,"constraint_index":-0.114986026,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-05-03T00:00:00.000","rv_2y_20d_z":0.892848854,"rv_5y_20d_z":1.0355729279,"rv_10y_20d_z":0.8911568594,"rv_slope_20d_z":0.2407265397,"spread":0.01,"week_delta_spread":-8.88e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.401577036,"dealer_fails_receive_z":-0.606820575,"dealer_fails_deliver_z":-0.458513387,"fails_factor":-0.532666981,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.369816036,"fails_factor_z_bm":-0.514506642,"instability_index":0.7650762953,"constraint_index":-0.177796338,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-05-10T00:00:00.000","rv_2y_20d_z":0.1738546302,"rv_5y_20d_z":0.029798623,"rv_10y_20d_z":0.067769964,"rv_slope_20d_z":0.083264519,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.6745503439,"dealer_fails_receive_z":-0.649246095,"dealer_fails_deliver_z":-0.709232254,"fails_factor":-0.679239174,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.6526461775,"fails_factor_z_bm":-0.664960838,"instability_index":0.088671934,"constraint_index":-0.151321148,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-05-17T00:00:00.000","rv_2y_20d_z":0.2388118083,"rv_5y_20d_z":-0.105272342,"rv_10y_20d_z":-0.419065266,"rv_slope_20d_z":-0.265820768,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.6450950075,"dealer_fails_receive_z":-0.416820453,"dealer_fails_deliver_z":-0.669924326,"fails_factor":-0.543372389,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.622127234,"fails_factor_z_bm":-0.525495586,"instability_index":-0.137836642,"constraint_index":-0.129531887,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-05-24T00:00:00.000","rv_2y_20d_z":0.036539315,"rv_5y_20d_z":-0.06876511,"rv_10y_20d_z":-0.475976525,"rv_slope_20d_z":-0.874374529,"spread":0.01,"week_delta_spread":8.881784197e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.5684177817,"dealer_fails_receive_z":-0.818381921,"dealer_fails_deliver_z":-0.760296052,"fails_factor":-0.789338986,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.542681259,"fails_factor_z_bm":-0.777976671,"instability_index":-0.345644212,"constraint_index":-0.195917299,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-05-31T00:00:00.000","rv_2y_20d_z":-0.279203734,"rv_5y_20d_z":-0.155233879,"rv_10y_20d_z":-0.26941422,"rv_slope_20d_z":-0.562353843,"spread":0.01,"week_delta_spread":-8.88e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.7531343211,"dealer_fails_receive_z":-0.654364163,"dealer_fails_deliver_z":-0.582181241,"fails_factor":-0.618272702,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.7340677553,"fails_factor_z_bm":-0.602379653,"instability_index":-0.316551419,"constraint_index":-0.122520596,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-06-07T00:00:00.000","rv_2y_20d_z":0.2018512847,"rv_5y_20d_z":0.5039357901,"rv_10y_20d_z":0.505892878,"rv_slope_20d_z":-0.525051641,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.003,"dealer_pos_net_z":0.6592963329,"dealer_fails_receive_z":-0.492045169,"dealer_fails_deliver_z":-0.651548173,"fails_factor":-0.571796671,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256469596,"dealer_pos_net_z_z_bm":0.6368413571,"fails_factor_z_bm":-0.554672692,"instability_index":0.1716570779,"constraint_index":-0.132369546,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-06-14T00:00:00.000","rv_2y_20d_z":0.1382359296,"rv_5y_20d_z":0.4957828878,"rv_10y_20d_z":0.6466020847,"rv_slope_20d_z":-0.408361552,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.8979083917,"dealer_fails_receive_z":-0.675272017,"dealer_fails_deliver_z":-0.792667287,"fails_factor":-0.733969652,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.8840694945,"fails_factor_z_bm":-0.721140866,"instability_index":0.218064838,"constraint_index":-0.116272491,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-06-21T00:00:00.000","rv_2y_20d_z":0.221712587,"rv_5y_20d_z":0.5787519543,"rv_10y_20d_z":0.7926786727,"rv_slope_20d_z":-0.507607529,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.001,"dealer_pos_net_z":0.4243289499,"dealer_fails_receive_z":-0.542790272,"dealer_fails_deliver_z":-0.576631886,"fails_factor":-0.559711079,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":0.393389502,"fails_factor_z_bm":-0.542267011,"instability_index":0.2713839212,"constraint_index":-0.178615406,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-06-28T00:00:00.000","rv_2y_20d_z":0.246147412,"rv_5y_20d_z":0.5043309243,"rv_10y_20d_z":0.7456272918,"rv_slope_20d_z":-0.647078829,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.001,"dealer_pos_net_z":0.6107337588,"dealer_fails_receive_z":0.283178849,"dealer_fails_deliver_z":0.3655901116,"fails_factor":0.3243844804,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":0.5865252297,"fails_factor_z_bm":0.365244044,"instability_index":0.2122566999,"constraint_index":0.041513951,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-07-05T00:00:00.000","rv_2y_20d_z":0.3683282419,"rv_5y_20d_z":0.713765673,"rv_10y_20d_z":0.9383190012,"rv_slope_20d_z":-0.406055631,"spread":0.01,"week_delta_spread":8.881784197e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.7720628009,"dealer_fails_receive_z":0.3271071213,"dealer_fails_deliver_z":0.3181528654,"fails_factor":0.3226299934,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.7536797264,"fails_factor_z_bm":0.3634430889,"instability_index":0.4035893213,"constraint_index":0.074566347,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-07-12T00:00:00.000","rv_2y_20d_z":0.118584614,"rv_5y_20d_z":0.2073383543,"rv_10y_20d_z":0.3426851168,"rv_slope_20d_z":-0.385428398,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.8752061331,"dealer_fails_receive_z":-0.873504606,"dealer_fails_deliver_z":-0.88281996,"fails_factor":-0.878162283,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.837380429,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.8605474767,"fails_factor_z_bm":-0.869152475,"instability_index":0.070794922,"constraint_index":0.1536248775,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-07-19T00:00:00.000","rv_2y_20d_z":-0.055531501,"rv_5y_20d_z":0.055058797,"rv_10y_20d_z":0.2034637656,"rv_slope_20d_z":-0.147339521,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.8265641111,"dealer_fails_receive_z":-0.822454597,"dealer_fails_deliver_z":-0.867364521,"fails_factor":-0.844909559,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.810149033,"fails_factor_z_bm":-0.835019044,"instability_index":0.013912885,"constraint_index":-0.015902229,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-07-26T00:00:00.000","rv_2y_20d_z":0.018483699,"rv_5y_20d_z":0.01579922,"rv_10y_20d_z":0.1175790019,"rv_slope_20d_z":0.3382577347,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.2328511189,"dealer_fails_receive_z":-0.646959298,"dealer_fails_deliver_z":-0.557403859,"fails_factor":-0.602181579,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.2311067189,"fails_factor_z_bm":-0.585862352,"instability_index":0.1225299139,"constraint_index":-0.186083447,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-08-02T00:00:00.000","rv_2y_20d_z":0.8721289213,"rv_5y_20d_z":0.409059189,"rv_10y_20d_z":0.2728744621,"rv_slope_20d_z":0.3442332495,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.796224916,"dealer_fails_receive_z":-0.96800375,"dealer_fails_deliver_z":-0.953330839,"fails_factor":-0.960667294,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.778714315,"fails_factor_z_bm":-0.953842653,"instability_index":0.4745739555,"constraint_index":0.1203202097,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-08-09T00:00:00.000","rv_2y_20d_z":1.0128864947,"rv_5y_20d_z":0.6962078389,"rv_10y_20d_z":0.7422884941,"rv_slope_20d_z":0.5578355327,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.247836993,"dealer_fails_receive_z":-0.622741034,"dealer_fails_deliver_z":-0.600411357,"fails_factor":-0.611576196,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.2466337202,"fails_factor_z_bm":-0.595505788,"instability_index":0.7523045901,"constraint_index":-0.184906734,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-08-16T00:00:00.000","rv_2y_20d_z":1.2641859482,"rv_5y_20d_z":0.8705933629,"rv_10y_20d_z":0.734644225,"rv_slope_20d_z":0.5169983701,"spread":0.01,"week_delta_spread":8.881784197e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.9191805867,"dealer_fails_receive_z":-0.250733689,"dealer_fails_deliver_z":-0.406013571,"fails_factor":-0.32837363,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.90610981,"fails_factor_z_bm":-0.30480253,"instability_index":0.8466054764,"constraint_index":-0.02859676,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-08-23T00:00:00.000","rv_2y_20d_z":1.3271106731,"rv_5y_20d_z":1.0143690403,"rv_10y_20d_z":0.8023472306,"rv_slope_20d_z":0.117746984,"spread":0.01,"week_delta_spread":-8.88e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.128913307,"dealer_fails_receive_z":-0.590159629,"dealer_fails_deliver_z":-0.582595008,"fails_factor":-0.586377319,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.1234158009,"fails_factor_z_bm":-0.569639512,"instability_index":0.815393482,"constraint_index":-0.038102958,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-08-30T00:00:00.000","rv_2y_20d_z":0.4165864754,"rv_5y_20d_z":0.1371522106,"rv_10y_20d_z":-0.088197782,"rv_slope_20d_z":0.036413129,"spread":0.0,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.9409691936,"dealer_fails_receive_z":-0.073822755,"dealer_fails_deliver_z":-0.003490648,"fails_factor":-0.038656702,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.9286851854,"fails_factor_z_bm":-0.007412376,"instability_index":0.1254885081,"constraint_index":-0.268807748,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-09-06T00:00:00.000","rv_2y_20d_z":0.4795575213,"rv_5y_20d_z":-0.027247268,"rv_10y_20d_z":-0.38238765,"rv_slope_20d_z":0.3514270318,"spread":0.02,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.8716607673,"dealer_fails_receive_z":0.5609701781,"dealer_fails_deliver_z":0.6970666922,"fails_factor":0.6290184351,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":1.6687509502,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.8568740907,"fails_factor_z_bm":0.6779463062,"instability_index":0.1053374088,"constraint_index":0.628584061,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2024-09-13T00:00:00.000","rv_2y_20d_z":0.202482604,"rv_5y_20d_z":-0.41283023,"rv_10y_20d_z":-0.716244962,"rv_slope_20d_z":0.194014825,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.001,"dealer_pos_net_z":0.8729815898,"dealer_fails_receive_z":-0.025451564,"dealer_fails_deliver_z":0.053171183,"fails_factor":0.01385981,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":0.8582426071,"fails_factor_z_bm":0.046495049,"instability_index":-0.183144441,"constraint_index":-0.134166477,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-09-20T00:00:00.000","rv_2y_20d_z":0.065182069,"rv_5y_20d_z":-0.591081258,"rv_10y_20d_z":-0.784816449,"rv_slope_20d_z":0.207946633,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.844956317,"dealer_fails_receive_z":-0.224664209,"dealer_fails_deliver_z":-0.36378493,"fails_factor":-0.294224569,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.8292053655,"fails_factor_z_bm":-0.269749023,"instability_index":-0.275692252,"constraint_index":0.2672371457,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-09-27T00:00:00.000","rv_2y_20d_z":0.1347164718,"rv_5y_20d_z":-0.507190894,"rv_10y_20d_z":-0.748722458,"rv_slope_20d_z":0.3310277199,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.7541373518,"dealer_fails_receive_z":1.8508323069,"dealer_fails_deliver_z":2.5061319542,"fails_factor":2.1784821305,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.7351070046,"fails_factor_z_bm":2.26844794,"instability_index":-0.19754229,"constraint_index":0.2855786684,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-10-04T00:00:00.000","rv_2y_20d_z":0.8109879315,"rv_5y_20d_z":0.2093840966,"rv_10y_20d_z":-0.264873846,"rv_slope_20d_z":0.5108116468,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.643337221,"dealer_fails_receive_z":1.859631029,"dealer_fails_deliver_z":2.45594437,"fails_factor":2.1577876993,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.6203059754,"fails_factor_z_bm":2.2472054116,"instability_index":0.3165774573,"constraint_index":0.4246440611,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2024-10-11T00:00:00.000","rv_2y_20d_z":0.6457438208,"rv_5y_20d_z":0.1090981466,"rv_10y_20d_z":-0.425559941,"rv_slope_20d_z":0.34423325,"spread":0.0,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.5387836874,"dealer_fails_receive_z":-0.422265207,"dealer_fails_deliver_z":-0.54798456,"fails_factor":-0.485124883,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.5119771024,"fails_factor_z_bm":-0.46570538,"instability_index":0.1683788189,"constraint_index":-0.443807965,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-10-18T00:00:00.000","rv_2y_20d_z":0.6500604583,"rv_5y_20d_z":0.1951158446,"rv_10y_20d_z":-0.266111236,"rv_slope_20d_z":0.3596245241,"spread":0.02,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.4532976674,"dealer_fails_receive_z":-0.153642843,"dealer_fails_deliver_z":-0.249974482,"fails_factor":-0.201808662,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":1.6687509502,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.4234042549,"fails_factor_z_bm":-0.174885457,"instability_index":0.2346723978,"constraint_index":0.371323741,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2024-10-25T00:00:00.000","rv_2y_20d_z":0.4756469328,"rv_5y_20d_z":0.2479213762,"rv_10y_20d_z":-0.034552042,"rv_slope_20d_z":-0.044493327,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.001,"dealer_pos_net_z":0.1864517848,"dealer_fails_receive_z":0.006607145,"dealer_fails_deliver_z":-0.022280568,"fails_factor":-0.007836711,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":0.1469227944,"fails_factor_z_bm":0.02422389,"instability_index":0.161130735,"constraint_index":-0.280884671,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-11-01T00:00:00.000","rv_2y_20d_z":0.2119264424,"rv_5y_20d_z":-0.076338813,"rv_10y_20d_z":-0.296430173,"rv_slope_20d_z":-0.06780334,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.001,"dealer_pos_net_z":0.2832591411,"dealer_fails_receive_z":0.9373115472,"dealer_fails_deliver_z":1.1720232964,"fails_factor":1.0546674218,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":0.247225782,"fails_factor_z_bm":1.114868714,"instability_index":-0.057161471,"constraint_index":0.4277830887,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2024-11-08T00:00:00.000","rv_2y_20d_z":-0.416761701,"rv_5y_20d_z":-0.11112894,"rv_10y_20d_z":0.5164648755,"rv_slope_20d_z":0.1800042357,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.2138613359,"dealer_fails_receive_z":-0.373719784,"dealer_fails_deliver_z":-0.12221763,"fails_factor":-0.247968707,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.837380429,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.175322081,"fails_factor_z_bm":-0.222268062,"instability_index":0.042144618,"constraint_index":0.2838866702,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-11-15T00:00:00.000","rv_2y_20d_z":-0.144737663,"rv_5y_20d_z":0.018606336,"rv_10y_20d_z":0.6355738509,"rv_slope_20d_z":0.6542287567,"spread":0.01,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.2019838637,"dealer_fails_receive_z":-0.234595439,"dealer_fails_deliver_z":-0.364369072,"fails_factor":-0.299482256,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.1630157234,"fails_factor_z_bm":-0.275145961,"instability_index":0.29091782,"constraint_index":-0.503832472,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-11-22T00:00:00.000","rv_2y_20d_z":-0.161869837,"rv_5y_20d_z":-0.116073902,"rv_10y_20d_z":0.4565535583,"rv_slope_20d_z":0.6617672145,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.39952132,"dealer_fails_receive_z":0.1759172033,"dealer_fails_deliver_z":0.181244446,"fails_factor":0.1785808246,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.367686089,"fails_factor_z_bm":0.2155787414,"instability_index":0.2100942583,"constraint_index":-0.03220525,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-11-29T00:00:00.000","rv_2y_20d_z":0.3523459333,"rv_5y_20d_z":0.3171648039,"rv_10y_20d_z":0.9705999654,"rv_slope_20d_z":0.698085581,"spread":0.01,"week_delta_spread":-8.88e-16,"repo_backstop_usage":0.001,"dealer_pos_net_z":1.2006349655,"dealer_fails_receive_z":0.021765339,"dealer_fails_deliver_z":0.041512671,"fails_factor":0.031639005,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":1.1977272676,"fails_factor_z_bm":0.06474513,"instability_index":0.584549071,"constraint_index":0.1036545756,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2024-12-06T00:00:00.000","rv_2y_20d_z":0.2578251232,"rv_5y_20d_z":0.005410274,"rv_10y_20d_z":0.1909988666,"rv_slope_20d_z":0.3598291357,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.001,"dealer_pos_net_z":1.0605582564,"dealer_fails_receive_z":0.014338695,"dealer_fails_deliver_z":-0.167391323,"fails_factor":-0.076526314,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":1.0525925076,"fails_factor_z_bm":-0.046284974,"instability_index":0.2035158498,"constraint_index":0.3566256962,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2024-12-13T00:00:00.000","rv_2y_20d_z":0.026794509,"rv_5y_20d_z":-0.25269229,"rv_10y_20d_z":-0.079027725,"rv_slope_20d_z":-0.529671032,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.3289831674,"dealer_fails_receive_z":-0.560692622,"dealer_fails_deliver_z":-0.785389844,"fails_factor":-0.673041233,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.330710014,"fails_factor_z_bm":-0.658598742,"instability_index":-0.208649134,"constraint_index":-0.180710066,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2024-12-20T00:00:00.000","rv_2y_20d_z":0.1516763428,"rv_5y_20d_z":0.169211625,"rv_10y_20d_z":0.2865308645,"rv_slope_20d_z":-0.050298021,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.5793038714,"dealer_fails_receive_z":-0.578442519,"dealer_fails_deliver_z":-0.555286342,"fails_factor":-0.566864431,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.5900695858,"fails_factor_z_bm":-0.54960982,"instability_index":0.1392802028,"constraint_index":0.3634378304,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2024-12-27T00:00:00.000","rv_2y_20d_z":-0.365425713,"rv_5y_20d_z":-0.227100051,"rv_10y_20d_z":-0.286001324,"rv_slope_20d_z":-0.083480546,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.6194449602,"dealer_fails_receive_z":1.9907189164,"dealer_fails_deliver_z":2.5575851806,"fails_factor":2.2741520485,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.6316601352,"fails_factor_z_bm":2.3666517,"instability_index":-0.240501908,"constraint_index":0.4845300465,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-01-03T00:00:00.000","rv_2y_20d_z":-0.39561987,"rv_5y_20d_z":-0.218391282,"rv_10y_20d_z":-0.369674429,"rv_slope_20d_z":-0.202484395,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.3867716375,"dealer_fails_receive_z":1.733182071,"dealer_fails_deliver_z":2.512143755,"fails_factor":2.122662913,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.3905851766,"fails_factor_z_bm":2.2111503364,"instability_index":-0.296542494,"constraint_index":0.8756929798,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-01-10T00:00:00.000","rv_2y_20d_z":-0.148636132,"rv_5y_20d_z":-0.035862601,"rv_10y_20d_z":-0.335372385,"rv_slope_20d_z":-0.244490051,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.3358355552,"dealer_fails_receive_z":-0.55720798,"dealer_fails_deliver_z":-0.741725186,"fails_factor":-0.649466583,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.3378098356,"fails_factor_z_bm":-0.634399711,"instability_index":-0.191090292,"constraint_index":-0.174450296,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-01-17T00:00:00.000","rv_2y_20d_z":-0.127223418,"rv_5y_20d_z":0.123998871,"rv_10y_20d_z":-0.078010926,"rv_slope_20d_z":-0.077588538,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.001,"dealer_pos_net_z":1.2131877453,"dealer_fails_receive_z":-0.616163772,"dealer_fails_deliver_z":-0.602966981,"fails_factor":-0.609565377,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":1.2107333177,"fails_factor_z_bm":-0.593441712,"instability_index":-0.039706003,"constraint_index":0.2788225108,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-01-24T00:00:00.000","rv_2y_20d_z":-0.133006556,"rv_5y_20d_z":-0.016502482,"rv_10y_20d_z":-0.245710998,"rv_slope_20d_z":-0.469045792,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.038,"dealer_pos_net_z":1.4031677131,"dealer_fails_receive_z":-0.505983738,"dealer_fails_deliver_z":-0.314181488,"fails_factor":-0.410082613,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.253264948,"dealer_pos_net_z_z_bm":1.4075733006,"fails_factor_z_bm":-0.388675597,"instability_index":-0.216066457,"constraint_index":-0.110656913,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-01-31T00:00:00.000","rv_2y_20d_z":0.015586971,"rv_5y_20d_z":0.15696882,"rv_10y_20d_z":-0.052725351,"rv_slope_20d_z":-0.523514539,"spread":0.04,"week_delta_spread":0.03,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.5838026129,"dealer_fails_receive_z":-0.840857864,"dealer_fails_deliver_z":-0.72381148,"fails_factor":-0.782334672,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":2.5001214716,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.594730773,"fails_factor_z_bm":-0.770786845,"instability_index":-0.100921025,"constraint_index":0.9285428498,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-02-07T00:00:00.000","rv_2y_20d_z":0.2132604089,"rv_5y_20d_z":0.3032673777,"rv_10y_20d_z":0.1034093166,"rv_slope_20d_z":-0.107208078,"spread":0.01,"week_delta_spread":-0.03,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.5534534868,"dealer_fails_receive_z":-0.863203133,"dealer_fails_deliver_z":-0.853150385,"fails_factor":-0.858176759,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-2.488101657,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.5632857658,"fails_factor_z_bm":-0.848637629,"instability_index":0.128182256,"constraint_index":-0.504750902,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-02-14T00:00:00.000","rv_2y_20d_z":-0.120025621,"rv_5y_20d_z":0.018993239,"rv_10y_20d_z":-0.004756846,"rv_slope_20d_z":-0.021423487,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.7275438598,"dealer_fails_receive_z":-1.077094833,"dealer_fails_deliver_z":-0.882041104,"fails_factor":-0.979567968,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.7436623942,"fails_factor_z_bm":-0.973243916,"instability_index":-0.031803179,"constraint_index":0.309429573,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-02-21T00:00:00.000","rv_2y_20d_z":0.002266706,"rv_5y_20d_z":0.1843573806,"rv_10y_20d_z":0.1725985213,"rv_slope_20d_z":-0.242634219,"spread":0.02,"week_delta_spread":-8.88e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.958757326,"dealer_fails_receive_z":-0.476625627,"dealer_fails_deliver_z":-0.350568704,"fails_factor":-0.413597165,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.9832247821,"fails_factor_z_bm":-0.392283232,"instability_index":0.029147097,"constraint_index":0.3072600829,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-02-28T00:00:00.000","rv_2y_20d_z":0.019798714,"rv_5y_20d_z":0.2618770325,"rv_10y_20d_z":0.2639567177,"rv_slope_20d_z":0.027771396,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":2.1880640409,"dealer_fails_receive_z":-0.965303152,"dealer_fails_deliver_z":-1.078848478,"fails_factor":-1.022075815,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":2.2208115676,"fails_factor_z_bm":-1.016877593,"instability_index":0.143350965,"constraint_index":0.5340626613,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-03-07T00:00:00.000","rv_2y_20d_z":-0.087347969,"rv_5y_20d_z":0.3103537975,"rv_10y_20d_z":0.3426851168,"rv_slope_20d_z":-0.06780334,"spread":0.01,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.7201551982,"dealer_fails_receive_z":-0.049473817,"dealer_fails_deliver_z":-0.290937481,"fails_factor":-0.170205649,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.7360069343,"fails_factor_z_bm":-0.14244543,"instability_index":0.1244719012,"constraint_index":-0.162694124,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-03-14T00:00:00.000","rv_2y_20d_z":0.1382359296,"rv_5y_20d_z":0.3206481623,"rv_10y_20d_z":0.3129901601,"rv_slope_20d_z":-0.189013924,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.6965790119,"dealer_fails_receive_z":-0.866056183,"dealer_fails_deliver_z":-0.953330839,"fails_factor":-0.909693511,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.711579432,"fails_factor_z_bm":-0.901518816,"instability_index":0.1457150821,"constraint_index":0.013153907,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-03-21T00:00:00.000","rv_2y_20d_z":0.066119978,"rv_5y_20d_z":0.1173473067,"rv_10y_20d_z":-0.003893046,"rv_slope_20d_z":-0.220232311,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.7052090481,"dealer_fails_receive_z":-0.6115684,"dealer_fails_deliver_z":-0.618325063,"fails_factor":-0.614946732,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.7205210914,"fails_factor_z_bm":-0.598965593,"instability_index":-0.010164518,"constraint_index":0.075452883,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-03-28T00:00:00.000","rv_2y_20d_z":0.252379415,"rv_5y_20d_z":0.1713813594,"rv_10y_20d_z":0.1864103665,"rv_slope_20d_z":-0.242634219,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.001,"dealer_pos_net_z":1.8178265512,"dealer_fails_receive_z":-0.857714821,"dealer_fails_deliver_z":-0.755939322,"fails_factor":-0.806827071,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":1.8372051168,"fails_factor_z_bm":-0.795927932,"instability_index":0.09188423,"constraint_index":0.059415533,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-04-04T00:00:00.000","rv_2y_20d_z":0.7295363125,"rv_5y_20d_z":0.6208560851,"rv_10y_20d_z":0.382382564,"rv_slope_20d_z":-0.266893226,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.7247135257,"dealer_fails_receive_z":-0.159152934,"dealer_fails_deliver_z":-0.313207917,"fails_factor":-0.236180425,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.7407298592,"fails_factor_z_bm":-0.210167565,"instability_index":0.366470434,"constraint_index":0.461458336,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-04-11T00:00:00.000","rv_2y_20d_z":1.1579550272,"rv_5y_20d_z":1.135650467,"rv_10y_20d_z":1.0054173318,"rv_slope_20d_z":1.6371254937,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.7077017283,"dealer_fails_receive_z":-0.379643675,"dealer_fails_deliver_z":-0.449361819,"fails_factor":-0.414502747,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.7231037802,"fails_factor_z_bm":-0.393212799,"instability_index":1.2340370799,"constraint_index":-0.049154124,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2025-04-18T00:00:00.000","rv_2y_20d_z":1.2995961766,"rv_5y_20d_z":1.3936027805,"rv_10y_20d_z":1.2752780373,"rv_slope_20d_z":1.6001185608,"spread":0.01,"week_delta_spread":8.881784197e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.5571080936,"dealer_fails_receive_z":-0.232896676,"dealer_fails_deliver_z":-0.397129736,"fails_factor":-0.315013206,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.5670723374,"fails_factor_z_bm":-0.291088252,"instability_index":1.3921488888,"constraint_index":0.1063386008,"instability_category":"Elevated","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2025-04-25T00:00:00.000","rv_2y_20d_z":1.1995051421,"rv_5y_20d_z":1.3826373743,"rv_10y_20d_z":1.3144301534,"rv_slope_20d_z":2.1733568764,"spread":0.01,"week_delta_spread":-8.88e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.5856299163,"dealer_fails_receive_z":-0.675598702,"dealer_fails_deliver_z":-0.677055733,"fails_factor":-0.676327218,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.5966240588,"fails_factor_z_bm":-0.661971757,"instability_index":1.5174823865,"constraint_index":0.038072244,"instability_category":"Extreme","constraint_category":"Moderate","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2025-05-02T00:00:00.000","rv_2y_20d_z":1.076468851,"rv_5y_20d_z":1.0507448395,"rv_10y_20d_z":0.9267691622,"rv_slope_20d_z":2.0839956152,"spread":0.03,"week_delta_spread":0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.472108692,"dealer_fails_receive_z":-1.125095781,"dealer_fails_deliver_z":-1.060715718,"fails_factor":-1.09290575,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":1.66875095,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.4790036801,"fails_factor_z_bm":-1.089583477,"instability_index":1.284494617,"constraint_index":0.5374340114,"instability_category":"Elevated","constraint_category":"Elevated","narrative":"Both volatility and funding pressure are elevated.","closest_episode":"March 2020 COVID-19 shock"},{"date":"2025-05-09T00:00:00.000","rv_2y_20d_z":0.7249354789,"rv_5y_20d_z":0.7082675122,"rv_10y_20d_z":0.4950778581,"rv_slope_20d_z":0.4859265571,"spread":0.01,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.3442173164,"dealer_fails_receive_z":-0.530136665,"dealer_fails_deliver_z":-0.465279705,"fails_factor":-0.497708185,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.3464942552,"fails_factor_z_bm":-0.478621954,"instability_index":0.603551852,"constraint_index":-0.307831965,"instability_category":"Elevated","constraint_category":"Negative\/Mild","narrative":"Volatility is elevated, but funding pressure remains moderate.","closest_episode":"September 2019 repo episode"},{"date":"2025-05-16T00:00:00.000","rv_2y_20d_z":0.5239857441,"rv_5y_20d_z":0.4625153285,"rv_10y_20d_z":0.3392074162,"rv_slope_20d_z":0.447579893,"spread":0.01,"week_delta_spread":-8.88e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.4422561163,"dealer_fails_receive_z":-0.949752936,"dealer_fails_deliver_z":-1.007364028,"fails_factor":-0.978558482,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.4480731528,"fails_factor_z_bm":-0.972207693,"instability_index":0.443322095,"constraint_index":-0.053685124,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-05-23T00:00:00.000","rv_2y_20d_z":0.3904912042,"rv_5y_20d_z":0.4253999542,"rv_10y_20d_z":0.2928372213,"rv_slope_20d_z":-0.260467005,"spread":0.0,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.144038215,"dealer_fails_receive_z":-0.664687416,"dealer_fails_deliver_z":-0.593499003,"fails_factor":-0.62909321,"spread_z_bm":-1.183206654,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.1390868566,"fails_factor_z_bm":-0.613486744,"instability_index":0.2120653438,"constraint_index":-0.347942287,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-05-30T00:00:00.000","rv_2y_20d_z":0.3068197239,"rv_5y_20d_z":0.2495828604,"rv_10y_20d_z":0.2737646893,"rv_slope_20d_z":-0.351538983,"spread":0.01,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.6757139878,"dealer_fails_receive_z":-1.059018251,"dealer_fails_deliver_z":-1.127040242,"fails_factor":-1.093029246,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.6899609895,"fails_factor_z_bm":-1.089710244,"instability_index":0.1196570725,"constraint_index":0.1374660371,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-06-06T00:00:00.000","rv_2y_20d_z":0.2295044419,"rv_5y_20d_z":0.3469123698,"rv_10y_20d_z":0.2581450144,"rv_slope_20d_z":-0.606599063,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.4836683727,"dealer_fails_receive_z":-0.793357833,"dealer_fails_deliver_z":-0.658947313,"fails_factor":-0.726152573,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.4909807706,"fails_factor_z_bm":-0.713116749,"instability_index":0.056990691,"constraint_index":0.3109186815,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-06-13T00:00:00.000","rv_2y_20d_z":0.083505317,"rv_5y_20d_z":0.1641409956,"rv_10y_20d_z":0.127570547,"rv_slope_20d_z":-0.624757927,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.6253340413,"dealer_fails_receive_z":-0.433394283,"dealer_fails_deliver_z":-0.022085854,"fails_factor":-0.227740069,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.637761866,"fails_factor_z_bm":-0.201503663,"instability_index":-0.062385267,"constraint_index":-0.02788068,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-06-20T00:00:00.000","rv_2y_20d_z":0.095277621,"rv_5y_20d_z":0.07390982,"rv_10y_20d_z":-0.020107271,"rv_slope_20d_z":-0.911712982,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.751427907,"dealer_fails_receive_z":-1.003242195,"dealer_fails_deliver_z":-0.92409937,"fails_factor":-0.963670783,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.768408874,"fails_factor_z_bm":-0.956925689,"instability_index":-0.190658203,"constraint_index":0.3176425143,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-06-27T00:00:00.000","rv_2y_20d_z":0.1512705467,"rv_5y_20d_z":0.1253821643,"rv_10y_20d_z":-0.173242078,"rv_slope_20d_z":-0.844374452,"spread":0.02,"week_delta_spread":-8.88e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.8118679531,"dealer_fails_receive_z":-0.848937878,"dealer_fails_deliver_z":-0.695431885,"fails_factor":-0.772184882,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.8310313589,"fails_factor_z_bm":-0.760368235,"instability_index":-0.185240955,"constraint_index":0.2032043977,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-07-04T00:00:00.000","rv_2y_20d_z":0.2087838825,"rv_5y_20d_z":0.01657396,"rv_10y_20d_z":-0.25499871,"rv_slope_20d_z":-0.396860132,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.5761060904,"dealer_fails_receive_z":-0.470549282,"dealer_fails_deliver_z":-0.390533793,"fails_factor":-0.430541537,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.5867563357,"fails_factor_z_bm":-0.40967638,"instability_index":-0.10662525,"constraint_index":0.5286918575,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-07-11T00:00:00.000","rv_2y_20d_z":-0.122612871,"rv_5y_20d_z":-0.380875292,"rv_10y_20d_z":-0.29921935,"rv_slope_20d_z":-0.212905923,"spread":0.01,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.3232132583,"dealer_fails_receive_z":-0.706960483,"dealer_fails_deliver_z":-0.769910066,"fails_factor":-0.738435274,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.3247317584,"fails_factor_z_bm":-0.725724761,"instability_index":-0.253903359,"constraint_index":-0.361605025,"instability_category":"Moderate","constraint_category":"Negative\/Mild","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-07-18T00:00:00.000","rv_2y_20d_z":-0.067976728,"rv_5y_20d_z":-0.299152109,"rv_10y_20d_z":-0.448150267,"rv_slope_20d_z":-0.338982707,"spread":0.01,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.0595155017,"dealer_fails_receive_z":-0.673899939,"dealer_fails_deliver_z":-0.68219132,"fails_factor":-0.67804563,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.0515120999,"fails_factor_z_bm":-0.663735681,"instability_index":-0.288565453,"constraint_index":-0.071302933,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-07-25T00:00:00.000","rv_2y_20d_z":-0.315762382,"rv_5y_20d_z":-0.291459778,"rv_10y_20d_z":-0.337500705,"rv_slope_20d_z":-0.466960552,"spread":0.01,"week_delta_spread":8.881784197e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.1320316399,"dealer_fails_receive_z":-0.456763166,"dealer_fails_deliver_z":-0.263701833,"fails_factor":-0.360232499,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.1266467343,"fails_factor_z_bm":-0.33750519,"instability_index":-0.352920854,"constraint_index":0.008970093,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-08-01T00:00:00.000","rv_2y_20d_z":0.613942272,"rv_5y_20d_z":0.3232786617,"rv_10y_20d_z":0.1823891154,"rv_slope_20d_z":-0.050298021,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.2707676645,"dealer_fails_receive_z":-0.933549349,"dealer_fails_deliver_z":-0.817128258,"fails_factor":-0.875338804,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.837380429,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.2703923987,"fails_factor_z_bm":-0.866254215,"instability_index":0.2673280068,"constraint_index":0.236173514,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-08-08T00:00:00.000","rv_2y_20d_z":0.6335112525,"rv_5y_20d_z":0.221444564,"rv_10y_20d_z":-0.175886717,"rv_slope_20d_z":-0.153170559,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.3779529124,"dealer_fails_receive_z":-0.129250347,"dealer_fails_deliver_z":-0.150013081,"fails_factor":-0.139631714,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.3814480148,"fails_factor_z_bm":-0.111061737,"instability_index":0.1314746351,"constraint_index":0.243149029,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-08-15T00:00:00.000","rv_2y_20d_z":0.6339583919,"rv_5y_20d_z":0.1517800693,"rv_10y_20d_z":-0.171260526,"rv_slope_20d_z":0.003542725,"spread":0.02,"week_delta_spread":8.881784197e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.407726041,"dealer_fails_receive_z":-0.165882649,"dealer_fails_deliver_z":-0.189199313,"fails_factor":-0.177540981,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.4122962254,"fails_factor_z_bm":-0.149975041,"instability_index":0.1545051651,"constraint_index":0.24153601,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-08-22T00:00:00.000","rv_2y_20d_z":0.7461472973,"rv_5y_20d_z":0.2164859386,"rv_10y_20d_z":-0.194482214,"rv_slope_20d_z":-0.000480901,"spread":0.01,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.5227567759,"dealer_fails_receive_z":-0.804356236,"dealer_fails_deliver_z":-0.661965383,"fails_factor":-0.733160809,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.5314806228,"fails_factor_z_bm":-0.7203106,"instability_index":0.1919175302,"constraint_index":-0.152898316,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-08-29T00:00:00.000","rv_2y_20d_z":0.026881769,"rv_5y_20d_z":-0.497639067,"rv_10y_20d_z":-1.015221426,"rv_slope_20d_z":-0.009738476,"spread":0.01,"week_delta_spread":-8.88e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":0.8991001113,"dealer_fails_receive_z":-0.688513658,"dealer_fails_deliver_z":-0.721304534,"fails_factor":-0.704909096,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":0.8853042461,"fails_factor_z_bm":-0.691310634,"instability_index":-0.3739293,"constraint_index":-0.110059494,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-09-05T00:00:00.000","rv_2y_20d_z":0.1898146289,"rv_5y_20d_z":-0.294171074,"rv_10y_20d_z":-0.570175637,"rv_slope_20d_z":-0.039426535,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.3683695005,"dealer_fails_receive_z":0.5544800318,"dealer_fails_deliver_z":-0.1091231,"fails_factor":0.222678466,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.3715185541,"fails_factor_z_bm":0.26084432,"instability_index":-0.178489654,"constraint_index":0.4818184521,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-09-12T00:00:00.000","rv_2y_20d_z":0.1066372057,"rv_5y_20d_z":-0.398995299,"rv_10y_20d_z":-0.582905514,"rv_slope_20d_z":-0.07366926,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.7200558882,"dealer_fails_receive_z":0.2410364564,"dealer_fails_deliver_z":0.3762263746,"fails_factor":0.3086314155,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.7359040384,"fails_factor_z_bm":0.3490737552,"instability_index":-0.237233217,"constraint_index":0.4060673317,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-09-19T00:00:00.000","rv_2y_20d_z":0.099964125,"rv_5y_20d_z":-0.416215464,"rv_10y_20d_z":-0.588020554,"rv_slope_20d_z":-0.06975692,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.5495009501,"dealer_fails_receive_z":0.087864648,"dealer_fails_deliver_z":0.2465953982,"fails_factor":0.1672300231,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.5591905064,"fails_factor_z_bm":0.2039273111,"instability_index":-0.243507203,"constraint_index":0.64589943,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-09-26T00:00:00.000","rv_2y_20d_z":-0.138521293,"rv_5y_20d_z":-0.722191596,"rv_10y_20d_z":-0.63057526,"rv_slope_20d_z":-0.515237271,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.5429862163,"dealer_fails_receive_z":1.2117489079,"dealer_fails_deliver_z":1.3301312241,"fails_factor":1.270940066,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.552440531,"fails_factor_z_bm":1.336869394,"instability_index":-0.501631355,"constraint_index":0.400659654,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-10-03T00:00:00.000","rv_2y_20d_z":-0.370579998,"rv_5y_20d_z":-0.890917435,"rv_10y_20d_z":-0.917886195,"rv_slope_20d_z":-0.427786109,"spread":0.02,"week_delta_spread":-8.88e-16,"repo_backstop_usage":0.105,"dealer_pos_net_z":1.4230197756,"dealer_fails_receive_z":0.4272470296,"dealer_fails_deliver_z":0.4014662023,"fails_factor":0.414356616,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.247130336,"dealer_pos_net_z_z_bm":1.4281422042,"fails_factor_z_bm":0.4575991144,"instability_index":-0.651792434,"constraint_index":0.3681428256,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-10-10T00:00:00.000","rv_2y_20d_z":-0.293404399,"rv_5y_20d_z":-0.649801302,"rv_10y_20d_z":-0.769232982,"rv_slope_20d_z":-0.515237271,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.549788949,"dealer_fails_receive_z":0.3932282091,"dealer_fails_deliver_z":0.3296166638,"fails_factor":0.3614224364,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.5594889047,"fails_factor_z_bm":0.4032629597,"instability_index":-0.556918988,"constraint_index":0.6858262393,"instability_category":"Contained","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-10-17T00:00:00.000","rv_2y_20d_z":-0.126934845,"rv_5y_20d_z":-0.46781212,"rv_10y_20d_z":-0.706851579,"rv_slope_20d_z":-0.447710712,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.6028502646,"dealer_fails_receive_z":-0.428494005,"dealer_fails_deliver_z":-0.570814799,"fails_factor":-0.499654402,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.6144662193,"fails_factor_z_bm":-0.480619717,"instability_index":-0.437327314,"constraint_index":0.049566969,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-10-24T00:00:00.000","rv_2y_20d_z":-0.430179403,"rv_5y_20d_z":-0.530345343,"rv_10y_20d_z":-0.782505712,"rv_slope_20d_z":-0.842496727,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.4610157691,"dealer_fails_receive_z":-0.338699128,"dealer_fails_deliver_z":-0.367873928,"fails_factor":-0.353286528,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.4675102007,"fails_factor_z_bm":-0.330375253,"instability_index":-0.646381796,"constraint_index":0.520702856,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-10-31T00:00:00.000","rv_2y_20d_z":-0.156463991,"rv_5y_20d_z":-0.351120104,"rv_10y_20d_z":-0.588020554,"rv_slope_20d_z":-1.210821458,"spread":0.07,"week_delta_spread":0.04,"repo_backstop_usage":29.4,"dealer_pos_net_z":1.7712303145,"dealer_fails_receive_z":0.3255390323,"dealer_fails_deliver_z":0.3937506523,"fails_factor":0.3596448423,"spread_z_bm":3.6443429681,"week_delta_spread_z_bm":3.331491993,"repo_backstop_usage_z_bm":2.4351602189,"dealer_pos_net_z_z_bm":1.7889263296,"fails_factor_z_bm":0.4014382855,"instability_index":-0.576606527,"constraint_index":2.320271959,"instability_category":"Contained","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-11-07T00:00:00.000","rv_2y_20d_z":-0.076235843,"rv_5y_20d_z":-0.226336458,"rv_10y_20d_z":-0.447104601,"rv_slope_20d_z":-1.225031741,"spread":0.04,"week_delta_spread":-0.03,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.4687321536,"dealer_fails_receive_z":-0.108146482,"dealer_fails_deliver_z":-0.169703554,"fails_factor":-0.138925018,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":-2.488101657,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.4755052173,"fails_factor_z_bm":-0.110336324,"instability_index":-0.493677161,"constraint_index":0.039143217,"instability_category":"Moderate","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2025-11-14T00:00:00.000","rv_2y_20d_z":-0.392812656,"rv_5y_20d_z":-0.549241355,"rv_10y_20d_z":-0.73154777,"rv_slope_20d_z":-1.262480084,"spread":0.03,"week_delta_spread":-0.01,"repo_backstop_usage":0.006,"dealer_pos_net_z":1.9080397256,"dealer_fails_receive_z":0.5073938026,"dealer_fails_deliver_z":0.4167269275,"fails_factor":0.4620603651,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.256194912,"dealer_pos_net_z_z_bm":1.9306758123,"fails_factor_z_bm":0.506566309,"instability_index":-0.734020466,"constraint_index":0.4482859559,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-11-21T00:00:00.000","rv_2y_20d_z":-0.347830526,"rv_5y_20d_z":-0.482470066,"rv_10y_20d_z":-0.717786638,"rv_slope_20d_z":-1.332689194,"spread":0.03,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":1.8433790058,"dealer_fails_receive_z":-0.093140741,"dealer_fails_deliver_z":-0.128764894,"fails_factor":-0.110952818,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":1.8636802489,"fails_factor_z_bm":-0.081623273,"instability_index":-0.720194106,"constraint_index":0.4834131574,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-11-28T00:00:00.000","rv_2y_20d_z":-0.625289545,"rv_5y_20d_z":-0.641014339,"rv_10y_20d_z":-0.974052017,"rv_slope_20d_z":-1.283890647,"spread":0.04,"week_delta_spread":0.01,"repo_backstop_usage":11.25,"dealer_pos_net_z":2.3653224018,"dealer_fails_receive_z":-0.297471454,"dealer_fails_deliver_z":-0.416138709,"fails_factor":-0.356805082,"spread_z_bm":1.5753931299,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":0.773321217,"dealer_pos_net_z_z_bm":2.4044705772,"fails_factor_z_bm":-0.333986996,"instability_index":-0.881061637,"constraint_index":1.0513156713,"instability_category":"Contained","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-12-05T00:00:00.000","rv_2y_20d_z":-0.470989436,"rv_5y_20d_z":-0.446985665,"rv_10y_20d_z":-0.887396215,"rv_slope_20d_z":-1.231180596,"spread":0.03,"week_delta_spread":-0.01,"repo_backstop_usage":0.002,"dealer_pos_net_z":1.6860819484,"dealer_fails_receive_z":0.2453704802,"dealer_fails_deliver_z":0.5224810756,"fails_factor":0.3839257779,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.256561157,"dealer_pos_net_z_z_bm":1.7007033284,"fails_factor_z_bm":0.426362308,"instability_index":-0.759137978,"constraint_index":0.3861774097,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-12-12T00:00:00.000","rv_2y_20d_z":-0.437429502,"rv_5y_20d_z":-0.548586052,"rv_10y_20d_z":-0.947975554,"rv_slope_20d_z":-0.982947677,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.001,"dealer_pos_net_z":1.8933517814,"dealer_fails_receive_z":1.0298505795,"dealer_fails_deliver_z":1.1434976666,"fails_factor":1.086674123,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":1.915457499,"fails_factor_z_bm":1.1477231209,"instability_index":-0.729234696,"constraint_index":0.4354521049,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-12-19T00:00:00.000","rv_2y_20d_z":-0.461055304,"rv_5y_20d_z":-0.48033228,"rv_10y_20d_z":-0.858753268,"rv_slope_20d_z":-0.963548531,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":2.1887790726,"dealer_fails_receive_z":3.7825437694,"dealer_fails_deliver_z":4.6268616272,"fails_factor":4.2047026983,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":2.2215524185,"fails_factor_z_bm":4.348333473,"instability_index":-0.690922346,"constraint_index":1.6072530447,"instability_category":"Contained","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2025-12-26T00:00:00.000","rv_2y_20d_z":-0.505421099,"rv_5y_20d_z":-0.669514813,"rv_10y_20d_z":-0.958197206,"rv_slope_20d_z":-0.808739739,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":2.501,"dealer_pos_net_z":2.4682075281,"dealer_fails_receive_z":0.031653012,"dealer_fails_deliver_z":-0.139157765,"fails_factor":-0.053752376,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.027749275,"dealer_pos_net_z_z_bm":2.5110707979,"fails_factor_z_bm":-0.022907863,"instability_index":-0.735468214,"constraint_index":0.3662292567,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2026-01-02T00:00:00.000","rv_2y_20d_z":-0.675446188,"rv_5y_20d_z":-0.85719413,"rv_10y_20d_z":-1.105613478,"rv_slope_20d_z":-0.829420534,"spread":0.05,"week_delta_spread":0.03,"repo_backstop_usage":19.5,"dealer_pos_net_z":2.4000808904,"dealer_fails_receive_z":-0.196373269,"dealer_fails_deliver_z":-0.144049959,"fails_factor":-0.170211614,"spread_z_bm":2.2650430759,"week_delta_spread_z_bm":2.5001214716,"repo_backstop_usage_z_bm":1.5287025814,"dealer_pos_net_z_z_bm":2.4404841653,"fails_factor_z_bm":-0.142451553,"instability_index":-0.866918582,"constraint_index":1.7183799482,"instability_category":"Contained","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2026-01-09T00:00:00.000","rv_2y_20d_z":-0.877971437,"rv_5y_20d_z":-1.102023505,"rv_10y_20d_z":-1.246295985,"rv_slope_20d_z":-0.569911713,"spread":0.03,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":2.222822529,"dealer_fails_receive_z":0.1959103385,"dealer_fails_deliver_z":-0.569719532,"fails_factor":-0.186904597,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":2.2568251556,"fails_factor_z_bm":-0.159586654,"instability_index":-0.94905066,"constraint_index":0.213901254,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2026-01-16T00:00:00.000","rv_2y_20d_z":-0.808203116,"rv_5y_20d_z":-0.987122064,"rv_10y_20d_z":-1.130820477,"rv_slope_20d_z":-0.607889599,"spread":0.03,"week_delta_spread":-4.44e-16,"repo_backstop_usage":0.0,"dealer_pos_net_z":2.3470295058,"dealer_fails_receive_z":-0.430388779,"dealer_fails_deliver_z":-0.789722235,"fails_factor":-0.610055507,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":2.3855171403,"fails_factor_z_bm":-0.593944823,"instability_index":-0.883508814,"constraint_index":0.4853162256,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2026-01-23T00:00:00.000","rv_2y_20d_z":-0.98197466,"rv_5y_20d_z":-1.001654833,"rv_10y_20d_z":-1.030843684,"rv_slope_20d_z":-0.592468161,"spread":0.01,"week_delta_spread":-0.02,"repo_backstop_usage":0.0,"dealer_pos_net_z":2.4520299344,"dealer_fails_receive_z":-0.529897096,"dealer_fails_deliver_z":-0.282564771,"fails_factor":-0.406230933,"spread_z_bm":-0.493556708,"week_delta_spread_z_bm":-1.656731135,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":2.4943090451,"fails_factor_z_bm":-0.384721904,"instability_index":-0.901735335,"constraint_index":-0.059488997,"instability_category":"Contained","constraint_category":"Moderate","narrative":"Conditions are relatively contained across both axes.","closest_episode":"September 2019 repo episode"},{"date":"2026-01-30T00:00:00.000","rv_2y_20d_z":-0.812610343,"rv_5y_20d_z":-1.041088851,"rv_10y_20d_z":-1.095868552,"rv_slope_20d_z":-0.419933948,"spread":0.02,"week_delta_spread":0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":2.9832389503,"dealer_fails_receive_z":-0.519007589,"dealer_fails_deliver_z":-0.197961452,"fails_factor":-0.35848452,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":3.044699567,"fails_factor_z_bm":-0.335710915,"instability_index":-0.842375424,"constraint_index":0.697143608,"instability_category":"Contained","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2026-02-06T00:00:00.000","rv_2y_20d_z":-0.440463407,"rv_5y_20d_z":-0.79690667,"rv_10y_20d_z":-0.902570801,"rv_slope_20d_z":-0.424292166,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.001,"dealer_pos_net_z":2.5074846202,"dealer_fails_receive_z":0.302431498,"dealer_fails_deliver_z":-0.053970304,"fails_factor":0.1242305972,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":2.5517661525,"fails_factor_z_bm":0.1597890345,"instability_index":-0.641058261,"constraint_index":0.5314011226,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2026-02-13T00:00:00.000","rv_2y_20d_z":-0.284780054,"rv_5y_20d_z":-0.527756288,"rv_10y_20d_z":-0.489344472,"rv_slope_20d_z":-0.362769021,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":2.6190494376,"dealer_fails_receive_z":-0.100719838,"dealer_fails_deliver_z":0.331855877,"fails_factor":0.1155680196,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":2.6673594806,"fails_factor_z_bm":0.1508970263,"instability_index":-0.416162459,"constraint_index":0.5527230744,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2026-02-20T00:00:00.000","rv_2y_20d_z":-0.243816633,"rv_5y_20d_z":-0.654845636,"rv_10y_20d_z":-0.787486442,"rv_slope_20d_z":-0.687568629,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":2.7962581435,"dealer_fails_receive_z":-0.3039616,"dealer_fails_deliver_z":-0.222909209,"fails_factor":-0.263435404,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":2.8509670423,"fails_factor_z_bm":-0.238144399,"instability_index":-0.593429335,"constraint_index":0.5116363016,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2026-02-27T00:00:00.000","rv_2y_20d_z":-0.228879891,"rv_5y_20d_z":-0.518083955,"rv_10y_20d_z":-0.715046774,"rv_slope_20d_z":-0.945238337,"spread":0.02,"week_delta_spread":0.0,"repo_backstop_usage":0.0,"dealer_pos_net_z":2.9406846292,"dealer_fails_receive_z":-0.844560296,"dealer_fails_deliver_z":-0.504952722,"fails_factor":-0.674756509,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":3.0006086456,"fails_factor_z_bm":-0.660359448,"instability_index":-0.60181224,"constraint_index":0.4571216125,"instability_category":"Contained","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2026-03-06T00:00:00.000","rv_2y_20d_z":-0.234669638,"rv_5y_20d_z":-0.263226606,"rv_10y_20d_z":-0.552332677,"rv_slope_20d_z":-0.970120331,"spread":0.03,"week_delta_spread":0.01,"repo_backstop_usage":0.001,"dealer_pos_net_z":2.7456994391,"dealer_fails_receive_z":-0.350394459,"dealer_fails_deliver_z":0.01065047,"fails_factor":-0.169871994,"spread_z_bm":0.8857431838,"week_delta_spread_z_bm":0.8373804288,"repo_backstop_usage_z_bm":-0.256652719,"dealer_pos_net_z_z_bm":2.798582706,"fails_factor_z_bm":-0.142102939,"instability_index":-0.505087313,"constraint_index":0.8245901322,"instability_category":"Contained","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2026-03-13T00:00:00.000","rv_2y_20d_z":-0.08285617,"rv_5y_20d_z":-0.298698733,"rv_10y_20d_z":-0.706851579,"rv_slope_20d_z":-0.838374318,"spread":0.02,"week_delta_spread":-0.01,"repo_backstop_usage":0.0,"dealer_pos_net_z":2.9349047891,"dealer_fails_receive_z":-0.308578751,"dealer_fails_deliver_z":-0.184501833,"fails_factor":-0.246540292,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":-0.825360614,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":2.9946201004,"fails_factor_z_bm":-0.220801816,"instability_index":-0.4816952,"constraint_index":0.3775613256,"instability_category":"Moderate","constraint_category":"Elevated","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"},{"date":"2026-03-20T00:00:00.000","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":3.0292989132,"dealer_fails_receive_z":1.7272364,"dealer_fails_deliver_z":2.2068805732,"fails_factor":1.9670584866,"spread_z_bm":0.1960932377,"week_delta_spread_z_bm":0.006009907,"repo_backstop_usage_z_bm":-0.25674428,"dealer_pos_net_z_z_bm":3.092422716,"fails_factor_z_bm":2.051424687,"instability_index":-0.143335631,"constraint_index":1.0178412536,"instability_category":"Moderate","constraint_category":"High","narrative":"Volatility is contained, but funding pressure is elevated.","closest_episode":"September 2019 repo episode"}]