{ "version": "1.0.0", "updated": "2026-09-23", "product": "BondStats Market Mechanism Explorer", "stats": { "mechanisms": 64, "domains": 8, "links": 143, "beTheFirst": 25 }, "domains": [ "Rates", "Yield Curve", "Sovereign", "Funding", "Credit", "Market Structure", "Relative Value", "Cross-Border" ], "mechanisms": [ { "id": "policy-repricing", "label": "Policy Repricing", "domain": "Rates", "status": "institutional", "stage": "cause", "summary": "A market mechanism in rates where policy repricing changes rates and policy expectations, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "inflation-surprise" ], "effects": [ "front-end-repricing", "bear-flattening", "curve-inversion" ], "related": [ "real-yield-shock", "term-premium-expansion", "duration-repricing" ], "whereAppears": [ "Rates", "Yield Curve" ], "questions": [ "What can trigger policy repricing?", "Which mechanisms can follow policy repricing?", "How can policy repricing be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "front-end-repricing", "label": "Front-End Repricing", "domain": "Rates", "status": "covered", "stage": "mechanism", "summary": "A market mechanism in rates where front-end repricing changes rates and policy expectations, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "policy-repricing" ], "effects": [ "bear-flattening", "curve-compression", "funding-cost-reset" ], "related": [ "real-yield-shock", "inflation-surprise", "term-premium-expansion" ], "whereAppears": [ "Rates", "Yield Curve" ], "questions": [ "What can trigger front-end repricing?", "Which mechanisms can follow front-end repricing?", "How can front-end repricing be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "real-yield-shock", "label": "Real-Yield Shock", "domain": "Rates", "status": "emerging", "stage": "cause", "summary": "A market mechanism in rates where real-yield shock changes rates and policy expectations, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "inflation-surprise" ], "effects": [ "duration-repricing", "long-end-selloff", "spread-widening" ], "related": [ "term-premium-expansion", "rate-volatility-shock", "neutral-rate-reassessment" ], "whereAppears": [ "Rates", "Yield Curve" ], "questions": [ "What can trigger real-yield shock?", "Which mechanisms can follow real-yield shock?", "How can real-yield shock be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "inflation-surprise", "label": "Inflation Surprise", "domain": "Rates", "status": "covered", "stage": "cause", "summary": "A market mechanism in rates where inflation surprise changes rates and policy expectations, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "policy-repricing", "real-yield-shock", "term-premium-expansion" ], "related": [ "duration-repricing", "rate-volatility-shock", "neutral-rate-reassessment" ], "whereAppears": [ "Rates", "Yield Curve" ], "questions": [ "What can trigger inflation surprise?", "Which mechanisms can follow inflation surprise?", "How can inflation surprise be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "term-premium-expansion", "label": "Term Premium Expansion", "domain": "Rates", "status": "shifting", "stage": "mechanism", "summary": "A market mechanism in rates where term premium expansion changes rates and policy expectations, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "inflation-surprise", "neutral-rate-reassessment", "curve-resteepening", "foreign-buyer-withdrawal" ], "effects": [ "long-end-selloff", "bear-steepening", "duration-repricing" ], "related": [ "rate-volatility-shock", "policy-repricing", "front-end-repricing" ], "whereAppears": [ "Rates", "Yield Curve" ], "questions": [ "What can trigger term premium expansion?", "Which mechanisms can follow term premium expansion?", "How can term premium expansion be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "duration-repricing", "label": "Duration Repricing", "domain": "Rates", "status": "covered", "stage": "effect", "summary": "A market mechanism in rates where duration repricing changes rates and policy expectations, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "real-yield-shock", "term-premium-expansion", "maturity-extension", "convexity-hedging-wave" ], "effects": [ "rate-volatility-shock", "forced-deleveraging", "spread-widening" ], "related": [ "neutral-rate-reassessment", "policy-repricing", "front-end-repricing" ], "whereAppears": [ "Rates", "Yield Curve" ], "questions": [ "What can trigger duration repricing?", "Which mechanisms can follow duration repricing?", "How can duration repricing be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "rate-volatility-shock", "label": "Rate Volatility Shock", "domain": "Rates", "status": "shifting", "stage": "cause", "summary": "A market mechanism in rates where rate volatility shock changes rates and policy expectations, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "duration-repricing", "convexity-hedging-wave" ], "effects": [ "market-depth-deterioration", "margin-spiral", "liquidity-vacuum" ], "related": [ "neutral-rate-reassessment", "policy-repricing", "front-end-repricing" ], "whereAppears": [ "Rates", "Yield Curve" ], "questions": [ "What can trigger rate volatility shock?", "Which mechanisms can follow rate volatility shock?", "How can rate volatility shock be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "neutral-rate-reassessment", "label": "Neutral-Rate Reassessment", "domain": "Rates", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in rates where neutral-rate reassessment changes rates and policy expectations, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "term-premium-expansion", "curve-resteepening", "fiscal-risk-repricing" ], "related": [ "policy-repricing", "front-end-repricing", "real-yield-shock" ], "whereAppears": [ "Rates", "Yield Curve" ], "questions": [ "What can trigger neutral-rate reassessment?", "Which mechanisms can follow neutral-rate reassessment?", "How can neutral-rate reassessment be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "bear-flattening", "label": "Bear Flattening", "domain": "Yield Curve", "status": "covered", "stage": "effect", "summary": "A market mechanism in yield curve where bear flattening changes the shape and transmission of the yield curve, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "policy-repricing", "front-end-repricing" ], "effects": [ "curve-compression", "interest-coverage-pressure" ], "related": [ "bull-flattening", "bear-steepening", "bull-steepening" ], "whereAppears": [ "Yield Curve", "Rates" ], "questions": [ "What can trigger bear flattening?", "Which mechanisms can follow bear flattening?", "How can bear flattening be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "bull-flattening", "label": "Bull Flattening", "domain": "Yield Curve", "status": "covered", "stage": "effect", "summary": "A market mechanism in yield curve where bull flattening changes the shape and transmission of the yield curve, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "curve-compression", "safe-haven-reallocation" ], "related": [ "bear-steepening", "bull-steepening", "curve-inversion" ], "whereAppears": [ "Yield Curve", "Rates" ], "questions": [ "What can trigger bull flattening?", "Which mechanisms can follow bull flattening?", "How can bull flattening be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "bear-steepening", "label": "Bear Steepening", "domain": "Yield Curve", "status": "covered", "stage": "effect", "summary": "A market mechanism in yield curve where bear steepening changes the shape and transmission of the yield curve, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "term-premium-expansion" ], "effects": [ "long-end-selloff", "auction-tail" ], "related": [ "bull-steepening", "curve-inversion", "curve-resteepening" ], "whereAppears": [ "Yield Curve", "Rates" ], "questions": [ "What can trigger bear steepening?", "Which mechanisms can follow bear steepening?", "How can bear steepening be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "bull-steepening", "label": "Bull Steepening", "domain": "Yield Curve", "status": "covered", "stage": "effect", "summary": "A market mechanism in yield curve where bull steepening changes the shape and transmission of the yield curve, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "curve-resteepening", "refinancing-pressure" ], "related": [ "curve-inversion", "curve-compression", "long-end-selloff" ], "whereAppears": [ "Yield Curve", "Rates" ], "questions": [ "What can trigger bull steepening?", "Which mechanisms can follow bull steepening?", "How can bull steepening be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "curve-inversion", "label": "Curve Inversion", "domain": "Yield Curve", "status": "covered", "stage": "effect", "summary": "A market mechanism in yield curve where curve inversion changes the shape and transmission of the yield curve, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "policy-repricing" ], "effects": [ "refinancing-pressure", "funding-cost-reset" ], "related": [ "curve-resteepening", "curve-compression", "long-end-selloff" ], "whereAppears": [ "Yield Curve", "Rates" ], "questions": [ "What can trigger curve inversion?", "Which mechanisms can follow curve inversion?", "How can curve inversion be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "curve-resteepening", "label": "Curve Re-Steepening", "domain": "Yield Curve", "status": "shifting", "stage": "effect", "summary": "A market mechanism in yield curve where curve re-steepening changes the shape and transmission of the yield curve, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "neutral-rate-reassessment", "bull-steepening" ], "effects": [ "term-premium-expansion", "credit-migration" ], "related": [ "curve-compression", "long-end-selloff", "bear-flattening" ], "whereAppears": [ "Yield Curve", "Rates" ], "questions": [ "What can trigger curve re-steepening?", "Which mechanisms can follow curve re-steepening?", "How can curve re-steepening be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "curve-compression", "label": "Curve Compression", "domain": "Yield Curve", "status": "institutional", "stage": "effect", "summary": "A market mechanism in yield curve where curve compression changes the shape and transmission of the yield curve, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "front-end-repricing", "bear-flattening", "bull-flattening" ], "effects": [ "relative-value-unwind", "carry-roll-down-reversal" ], "related": [ "long-end-selloff", "bear-steepening", "bull-steepening" ], "whereAppears": [ "Yield Curve", "Rates" ], "questions": [ "What can trigger curve compression?", "Which mechanisms can follow curve compression?", "How can curve compression be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "long-end-selloff", "label": "Long-End Sell-Off", "domain": "Yield Curve", "status": "shifting", "stage": "effect", "summary": "A market mechanism in yield curve where long-end sell-off changes the shape and transmission of the yield curve, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "real-yield-shock", "term-premium-expansion", "bear-steepening", "safe-haven-reallocation" ], "effects": [ "auction-tail", "fiscal-risk-repricing" ], "related": [ "bear-flattening", "bull-flattening", "bull-steepening" ], "whereAppears": [ "Yield Curve", "Rates" ], "questions": [ "What can trigger long-end sell-off?", "Which mechanisms can follow long-end sell-off?", "How can long-end sell-off be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "auction-tail", "label": "Auction Tail", "domain": "Sovereign", "status": "institutional", "stage": "signal", "summary": "A market mechanism in sovereign where auction tail changes government funding and sovereign bond-market absorption, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "bear-steepening", "long-end-selloff", "bid-to-cover-deterioration", "foreign-buyer-withdrawal" ], "effects": [ "bid-to-cover-deterioration", "primary-dealer-absorption", "market-depth-deterioration" ], "related": [ "treasury-supply-shock", "refinancing-wall", "maturity-extension" ], "whereAppears": [ "Sovereign", "Rates" ], "questions": [ "What can trigger auction tail?", "Which mechanisms can follow auction tail?", "How can auction tail be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "bid-to-cover-deterioration", "label": "Bid-to-Cover Deterioration", "domain": "Sovereign", "status": "institutional", "stage": "signal", "summary": "A market mechanism in sovereign where bid-to-cover deterioration changes government funding and sovereign bond-market absorption, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "auction-tail" ], "effects": [ "auction-tail", "foreign-buyer-withdrawal" ], "related": [ "treasury-supply-shock", "refinancing-wall", "maturity-extension" ], "whereAppears": [ "Sovereign", "Rates" ], "questions": [ "What can trigger bid-to-cover deterioration?", "Which mechanisms can follow bid-to-cover deterioration?", "How can bid-to-cover deterioration be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "foreign-buyer-withdrawal", "label": "Foreign-Buyer Withdrawal", "domain": "Sovereign", "status": "be-the-first", "stage": "cause", "summary": "A market mechanism in sovereign where foreign-buyer withdrawal changes government funding and sovereign bond-market absorption, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "bid-to-cover-deterioration", "fiscal-risk-repricing", "reserve-manager-rebalancing", "home-bias-reassertion" ], "effects": [ "auction-tail", "currency-hedging-pressure", "term-premium-expansion" ], "related": [ "treasury-supply-shock", "refinancing-wall", "maturity-extension" ], "whereAppears": [ "Sovereign", "Rates" ], "questions": [ "What can trigger foreign-buyer withdrawal?", "Which mechanisms can follow foreign-buyer withdrawal?", "How can foreign-buyer withdrawal be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "treasury-supply-shock", "label": "Treasury Supply Shock", "domain": "Sovereign", "status": "shifting", "stage": "cause", "summary": "A market mechanism in sovereign where treasury supply shock changes government funding and sovereign bond-market absorption, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "primary-dealer-absorption", "term-premium-expansion", "repo-pressure" ], "related": [ "refinancing-wall", "maturity-extension", "fiscal-risk-repricing" ], "whereAppears": [ "Sovereign", "Rates" ], "questions": [ "What can trigger treasury supply shock?", "Which mechanisms can follow treasury supply shock?", "How can treasury supply shock be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "refinancing-wall", "label": "Refinancing Wall", "domain": "Sovereign", "status": "covered", "stage": "cause", "summary": "A market mechanism in sovereign where refinancing wall changes government funding and sovereign bond-market absorption, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "refinancing-pressure", "funding-cost-reset", "default-risk-repricing" ], "related": [ "maturity-extension", "fiscal-risk-repricing", "primary-dealer-absorption" ], "whereAppears": [ "Sovereign", "Rates" ], "questions": [ "What can trigger refinancing wall?", "Which mechanisms can follow refinancing wall?", "How can refinancing wall be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "maturity-extension", "label": "Maturity Extension", "domain": "Sovereign", "status": "institutional", "stage": "mechanism", "summary": "A market mechanism in sovereign where maturity extension changes government funding and sovereign bond-market absorption, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "duration-repricing", "term-premium-expansion" ], "related": [ "fiscal-risk-repricing", "primary-dealer-absorption", "auction-tail" ], "whereAppears": [ "Sovereign", "Rates" ], "questions": [ "What can trigger maturity extension?", "Which mechanisms can follow maturity extension?", "How can maturity extension be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "fiscal-risk-repricing", "label": "Fiscal Risk Repricing", "domain": "Sovereign", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in sovereign where fiscal risk repricing changes government funding and sovereign bond-market absorption, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "neutral-rate-reassessment", "long-end-selloff", "sovereign-bank-loop" ], "effects": [ "spread-widening", "foreign-buyer-withdrawal" ], "related": [ "primary-dealer-absorption", "auction-tail", "bid-to-cover-deterioration" ], "whereAppears": [ "Sovereign", "Rates" ], "questions": [ "What can trigger fiscal risk repricing?", "Which mechanisms can follow fiscal risk repricing?", "How can fiscal risk repricing be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "primary-dealer-absorption", "label": "Primary-Dealer Absorption", "domain": "Sovereign", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in sovereign where primary-dealer absorption changes government funding and sovereign bond-market absorption, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "auction-tail", "treasury-supply-shock", "dealer-balance-sheet-constraint" ], "effects": [ "dealer-balance-sheet-constraint", "repo-pressure" ], "related": [ "bid-to-cover-deterioration", "foreign-buyer-withdrawal", "refinancing-wall" ], "whereAppears": [ "Sovereign", "Rates" ], "questions": [ "What can trigger primary-dealer absorption?", "Which mechanisms can follow primary-dealer absorption?", "How can primary-dealer absorption be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "repo-pressure", "label": "Repo Pressure", "domain": "Funding", "status": "institutional", "stage": "signal", "summary": "A market mechanism in funding where repo pressure changes secured and unsecured funding conditions, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "treasury-supply-shock", "primary-dealer-absorption", "collateral-scarcity", "reserve-scarcity" ], "effects": [ "dollar-funding-stress", "specialness", "market-depth-deterioration" ], "related": [ "basis-widening", "funding-cost-reset", "cash-futures-basis-stress" ], "whereAppears": [ "Funding", "Rates" ], "questions": [ "What can trigger repo pressure?", "Which mechanisms can follow repo pressure?", "How can repo pressure be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "collateral-scarcity", "label": "Collateral Scarcity", "domain": "Funding", "status": "institutional", "stage": "cause", "summary": "A market mechanism in funding where collateral scarcity changes secured and unsecured funding conditions, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "specialness", "repo-pressure", "basis-widening" ], "related": [ "dollar-funding-stress", "funding-cost-reset", "reserve-scarcity" ], "whereAppears": [ "Funding", "Rates" ], "questions": [ "What can trigger collateral scarcity?", "Which mechanisms can follow collateral scarcity?", "How can collateral scarcity be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "dollar-funding-stress", "label": "Dollar Funding Stress", "domain": "Funding", "status": "covered", "stage": "mechanism", "summary": "A market mechanism in funding where dollar funding stress changes secured and unsecured funding conditions, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "repo-pressure", "basis-widening", "reserve-scarcity", "external-financing-squeeze" ], "effects": [ "basis-widening", "external-financing-squeeze" ], "related": [ "funding-cost-reset", "specialness", "cash-futures-basis-stress" ], "whereAppears": [ "Funding", "Rates" ], "questions": [ "What can trigger dollar funding stress?", "Which mechanisms can follow dollar funding stress?", "How can dollar funding stress be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "basis-widening", "label": "Cross-Currency Basis Widening", "domain": "Funding", "status": "institutional", "stage": "signal", "summary": "A market mechanism in funding where cross-currency basis widening changes secured and unsecured funding conditions, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "collateral-scarcity", "dollar-funding-stress", "currency-hedging-pressure" ], "effects": [ "currency-hedging-pressure", "dollar-funding-stress" ], "related": [ "funding-cost-reset", "specialness", "reserve-scarcity" ], "whereAppears": [ "Funding", "Rates" ], "questions": [ "What can trigger cross-currency basis widening?", "Which mechanisms can follow cross-currency basis widening?", "How can cross-currency basis widening be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "funding-cost-reset", "label": "Funding-Cost Reset", "domain": "Funding", "status": "shifting", "stage": "mechanism", "summary": "A market mechanism in funding where funding-cost reset changes secured and unsecured funding conditions, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "front-end-repricing", "curve-inversion", "refinancing-wall" ], "effects": [ "refinancing-pressure", "interest-coverage-pressure" ], "related": [ "specialness", "reserve-scarcity", "cash-futures-basis-stress" ], "whereAppears": [ "Funding", "Rates" ], "questions": [ "What can trigger funding-cost reset?", "Which mechanisms can follow funding-cost reset?", "How can funding-cost reset be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "specialness", "label": "Repo Specialness", "domain": "Funding", "status": "be-the-first", "stage": "signal", "summary": "A market mechanism in funding where repo specialness changes secured and unsecured funding conditions, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "repo-pressure", "collateral-scarcity" ], "effects": [ "cash-futures-basis-stress", "relative-value-unwind" ], "related": [ "reserve-scarcity", "dollar-funding-stress", "basis-widening" ], "whereAppears": [ "Funding", "Rates" ], "questions": [ "What can trigger repo specialness?", "Which mechanisms can follow repo specialness?", "How can repo specialness be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "reserve-scarcity", "label": "Reserve Scarcity", "domain": "Funding", "status": "be-the-first", "stage": "cause", "summary": "A market mechanism in funding where reserve scarcity changes secured and unsecured funding conditions, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "repo-pressure", "dollar-funding-stress" ], "related": [ "cash-futures-basis-stress", "collateral-scarcity", "basis-widening" ], "whereAppears": [ "Funding", "Rates" ], "questions": [ "What can trigger reserve scarcity?", "Which mechanisms can follow reserve scarcity?", "How can reserve scarcity be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "cash-futures-basis-stress", "label": "Cash–Futures Basis Stress", "domain": "Funding", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in funding where cash–futures basis stress changes secured and unsecured funding conditions, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "specialness" ], "effects": [ "relative-value-unwind", "dealer-balance-sheet-constraint", "margin-spiral" ], "related": [ "repo-pressure", "collateral-scarcity", "dollar-funding-stress" ], "whereAppears": [ "Funding", "Rates" ], "questions": [ "What can trigger cash–futures basis stress?", "Which mechanisms can follow cash–futures basis stress?", "How can cash–futures basis stress be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "spread-widening", "label": "Credit Spread Widening", "domain": "Credit", "status": "covered", "stage": "effect", "summary": "A market mechanism in credit where credit spread widening changes corporate credit transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "real-yield-shock", "duration-repricing", "fiscal-risk-repricing", "fallen-angel-dynamics" ], "effects": [ "default-risk-repricing", "credit-migration" ], "related": [ "refinancing-pressure", "interest-coverage-pressure", "leveraged-loan-reset" ], "whereAppears": [ "Credit", "Rates" ], "questions": [ "What can trigger credit spread widening?", "Which mechanisms can follow credit spread widening?", "How can credit spread widening be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "refinancing-pressure", "label": "Refinancing Pressure", "domain": "Credit", "status": "covered", "stage": "mechanism", "summary": "A market mechanism in credit where refinancing pressure changes corporate credit transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "bull-steepening", "curve-inversion", "refinancing-wall", "funding-cost-reset" ], "effects": [ "interest-coverage-pressure", "default-risk-repricing" ], "related": [ "fallen-angel-dynamics", "credit-migration", "leveraged-loan-reset" ], "whereAppears": [ "Credit", "Rates" ], "questions": [ "What can trigger refinancing pressure?", "Which mechanisms can follow refinancing pressure?", "How can refinancing pressure be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "interest-coverage-pressure", "label": "Interest-Coverage Pressure", "domain": "Credit", "status": "institutional", "stage": "effect", "summary": "A market mechanism in credit where interest-coverage pressure changes corporate credit transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "bear-flattening", "funding-cost-reset", "refinancing-pressure", "leveraged-loan-reset" ], "effects": [ "credit-migration", "fallen-angel-dynamics" ], "related": [ "default-risk-repricing", "term-loan-b", "spread-widening" ], "whereAppears": [ "Credit", "Rates" ], "questions": [ "What can trigger interest-coverage pressure?", "Which mechanisms can follow interest-coverage pressure?", "How can interest-coverage pressure be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "fallen-angel-dynamics", "label": "Fallen-Angel Dynamics", "domain": "Credit", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in credit where fallen-angel dynamics changes corporate credit transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "interest-coverage-pressure", "credit-migration" ], "effects": [ "forced-deleveraging", "spread-widening" ], "related": [ "default-risk-repricing", "leveraged-loan-reset", "term-loan-b" ], "whereAppears": [ "Credit", "Rates" ], "questions": [ "What can trigger fallen-angel dynamics?", "Which mechanisms can follow fallen-angel dynamics?", "How can fallen-angel dynamics be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "credit-migration", "label": "Credit Migration", "domain": "Credit", "status": "institutional", "stage": "mechanism", "summary": "A market mechanism in credit where credit migration changes corporate credit transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "curve-resteepening", "spread-widening", "interest-coverage-pressure" ], "effects": [ "fallen-angel-dynamics", "spread-widening" ], "related": [ "default-risk-repricing", "leveraged-loan-reset", "term-loan-b" ], "whereAppears": [ "Credit", "Rates" ], "questions": [ "What can trigger credit migration?", "Which mechanisms can follow credit migration?", "How can credit migration be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "default-risk-repricing", "label": "Default-Risk Repricing", "domain": "Credit", "status": "covered", "stage": "effect", "summary": "A market mechanism in credit where default-risk repricing changes corporate credit transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "refinancing-wall", "spread-widening", "refinancing-pressure", "external-financing-squeeze" ], "effects": [ "spread-widening", "liquidity-vacuum" ], "related": [ "leveraged-loan-reset", "term-loan-b", "interest-coverage-pressure" ], "whereAppears": [ "Credit", "Rates" ], "questions": [ "What can trigger default-risk repricing?", "Which mechanisms can follow default-risk repricing?", "How can default-risk repricing be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "leveraged-loan-reset", "label": "Leveraged-Loan Reset", "domain": "Credit", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in credit where leveraged-loan reset changes corporate credit transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "term-loan-b" ], "effects": [ "interest-coverage-pressure", "term-loan-b" ], "related": [ "spread-widening", "refinancing-pressure", "fallen-angel-dynamics" ], "whereAppears": [ "Credit", "Rates" ], "questions": [ "What can trigger leveraged-loan reset?", "Which mechanisms can follow leveraged-loan reset?", "How can leveraged-loan reset be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "term-loan-b", "label": "Term Loan B Transmission", "domain": "Credit", "status": "covered", "stage": "mechanism", "summary": "A market mechanism in credit where term loan b transmission changes corporate credit transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "leveraged-loan-reset" ], "effects": [ "leveraged-loan-reset", "refinancing-pressure" ], "related": [ "spread-widening", "interest-coverage-pressure", "fallen-angel-dynamics" ], "whereAppears": [ "Credit", "Rates" ], "questions": [ "What can trigger term loan b transmission?", "Which mechanisms can follow term loan b transmission?", "How can term loan b transmission be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "dealer-balance-sheet-constraint", "label": "Dealer Balance-Sheet Constraint", "domain": "Market Structure", "status": "be-the-first", "stage": "cause", "summary": "A market mechanism in market structure where dealer balance-sheet constraint changes liquidity, dealer capacity and market functioning, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "primary-dealer-absorption", "cash-futures-basis-stress", "swap-spread-dislocation" ], "effects": [ "liquidity-vacuum", "market-depth-deterioration", "primary-dealer-absorption" ], "related": [ "forced-deleveraging", "volatility-feedback-loop", "position-crowding" ], "whereAppears": [ "Market Structure", "Rates" ], "questions": [ "What can trigger dealer balance-sheet constraint?", "Which mechanisms can follow dealer balance-sheet constraint?", "How can dealer balance-sheet constraint be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "liquidity-vacuum", "label": "Liquidity Vacuum", "domain": "Market Structure", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in market structure where liquidity vacuum changes liquidity, dealer capacity and market functioning, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "rate-volatility-shock", "default-risk-repricing", "dealer-balance-sheet-constraint", "market-depth-deterioration" ], "effects": [ "price-discovery-breakdown", "volatility-feedback-loop" ], "related": [ "forced-deleveraging", "position-crowding", "margin-spiral" ], "whereAppears": [ "Market Structure", "Rates" ], "questions": [ "What can trigger liquidity vacuum?", "Which mechanisms can follow liquidity vacuum?", "How can liquidity vacuum be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "market-depth-deterioration", "label": "Market-Depth Deterioration", "domain": "Market Structure", "status": "institutional", "stage": "signal", "summary": "A market mechanism in market structure where market-depth deterioration changes liquidity, dealer capacity and market functioning, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "rate-volatility-shock", "auction-tail", "repo-pressure", "dealer-balance-sheet-constraint" ], "effects": [ "liquidity-vacuum", "price-discovery-breakdown" ], "related": [ "forced-deleveraging", "volatility-feedback-loop", "position-crowding" ], "whereAppears": [ "Market Structure", "Rates" ], "questions": [ "What can trigger market-depth deterioration?", "Which mechanisms can follow market-depth deterioration?", "How can market-depth deterioration be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "forced-deleveraging", "label": "Forced Deleveraging", "domain": "Market Structure", "status": "shifting", "stage": "mechanism", "summary": "A market mechanism in market structure where forced deleveraging changes liquidity, dealer capacity and market functioning, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "duration-repricing", "fallen-angel-dynamics", "volatility-feedback-loop", "position-crowding" ], "effects": [ "margin-spiral", "liquidity-vacuum" ], "related": [ "price-discovery-breakdown", "dealer-balance-sheet-constraint", "market-depth-deterioration" ], "whereAppears": [ "Market Structure", "Rates" ], "questions": [ "What can trigger forced deleveraging?", "Which mechanisms can follow forced deleveraging?", "How can forced deleveraging be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "volatility-feedback-loop", "label": "Volatility Feedback Loop", "domain": "Market Structure", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in market structure where volatility feedback loop changes liquidity, dealer capacity and market functioning, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "liquidity-vacuum", "price-discovery-breakdown", "hedge-ratio-instability" ], "effects": [ "forced-deleveraging", "market-depth-deterioration" ], "related": [ "position-crowding", "margin-spiral", "dealer-balance-sheet-constraint" ], "whereAppears": [ "Market Structure", "Rates" ], "questions": [ "What can trigger volatility feedback loop?", "Which mechanisms can follow volatility feedback loop?", "How can volatility feedback loop be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "position-crowding", "label": "Position Crowding", "domain": "Market Structure", "status": "institutional", "stage": "cause", "summary": "A market mechanism in market structure where position crowding changes liquidity, dealer capacity and market functioning, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "carry-roll-down-reversal" ], "effects": [ "forced-deleveraging", "relative-value-unwind" ], "related": [ "margin-spiral", "price-discovery-breakdown", "dealer-balance-sheet-constraint" ], "whereAppears": [ "Market Structure", "Rates" ], "questions": [ "What can trigger position crowding?", "Which mechanisms can follow position crowding?", "How can position crowding be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "margin-spiral", "label": "Margin Spiral", "domain": "Market Structure", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in market structure where margin spiral changes liquidity, dealer capacity and market functioning, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "rate-volatility-shock", "cash-futures-basis-stress", "forced-deleveraging", "relative-value-crowding" ], "effects": [ "forced-deleveraging", "liquidity-vacuum" ], "related": [ "price-discovery-breakdown", "dealer-balance-sheet-constraint", "market-depth-deterioration" ], "whereAppears": [ "Market Structure", "Rates" ], "questions": [ "What can trigger margin spiral?", "Which mechanisms can follow margin spiral?", "How can margin spiral be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "price-discovery-breakdown", "label": "Price-Discovery Breakdown", "domain": "Market Structure", "status": "be-the-first", "stage": "effect", "summary": "A market mechanism in market structure where price-discovery breakdown changes liquidity, dealer capacity and market functioning, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "liquidity-vacuum", "market-depth-deterioration" ], "effects": [ "volatility-feedback-loop" ], "related": [ "dealer-balance-sheet-constraint", "forced-deleveraging", "position-crowding" ], "whereAppears": [ "Market Structure", "Rates" ], "questions": [ "What can trigger price-discovery breakdown?", "Which mechanisms can follow price-discovery breakdown?", "How can price-discovery breakdown be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "relative-value-unwind", "label": "Relative-Value Unwind", "domain": "Relative Value", "status": "institutional", "stage": "mechanism", "summary": "A market mechanism in relative value where relative-value unwind changes pricing relationships between linked instruments, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "curve-compression", "specialness", "cash-futures-basis-stress", "position-crowding" ], "effects": [ "market-depth-deterioration", "forced-deleveraging" ], "related": [ "swap-spread-dislocation", "on-off-run-dislocation", "curve-basis-dislocation" ], "whereAppears": [ "Relative Value", "Rates" ], "questions": [ "What can trigger relative-value unwind?", "Which mechanisms can follow relative-value unwind?", "How can relative-value unwind be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "swap-spread-dislocation", "label": "Swap-Spread Dislocation", "domain": "Relative Value", "status": "be-the-first", "stage": "signal", "summary": "A market mechanism in relative value where swap-spread dislocation changes pricing relationships between linked instruments, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "dealer-balance-sheet-constraint", "relative-value-unwind" ], "related": [ "on-off-run-dislocation", "curve-basis-dislocation", "carry-roll-down-reversal" ], "whereAppears": [ "Relative Value", "Rates" ], "questions": [ "What can trigger swap-spread dislocation?", "Which mechanisms can follow swap-spread dislocation?", "How can swap-spread dislocation be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "on-off-run-dislocation", "label": "On/Off-the-Run Dislocation", "domain": "Relative Value", "status": "be-the-first", "stage": "signal", "summary": "A market mechanism in relative value where on/off-the-run dislocation changes pricing relationships between linked instruments, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "liquidity-vacuum", "relative-value-unwind" ], "related": [ "curve-basis-dislocation", "carry-roll-down-reversal", "hedge-ratio-instability" ], "whereAppears": [ "Relative Value", "Rates" ], "questions": [ "What can trigger on/off-the-run dislocation?", "Which mechanisms can follow on/off-the-run dislocation?", "How can on/off-the-run dislocation be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "curve-basis-dislocation", "label": "Curve/Basis Dislocation", "domain": "Relative Value", "status": "be-the-first", "stage": "signal", "summary": "A market mechanism in relative value where curve/basis dislocation changes pricing relationships between linked instruments, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "relative-value-unwind", "hedge-ratio-instability" ], "related": [ "carry-roll-down-reversal", "convexity-hedging-wave", "relative-value-crowding" ], "whereAppears": [ "Relative Value", "Rates" ], "questions": [ "What can trigger curve/basis dislocation?", "Which mechanisms can follow curve/basis dislocation?", "How can curve/basis dislocation be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "carry-roll-down-reversal", "label": "Carry & Roll-Down Reversal", "domain": "Relative Value", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in relative value where carry & roll-down reversal changes pricing relationships between linked instruments, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "curve-compression" ], "effects": [ "relative-value-unwind", "position-crowding" ], "related": [ "hedge-ratio-instability", "convexity-hedging-wave", "relative-value-crowding" ], "whereAppears": [ "Relative Value", "Rates" ], "questions": [ "What can trigger carry & roll-down reversal?", "Which mechanisms can follow carry & roll-down reversal?", "How can carry & roll-down reversal be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "hedge-ratio-instability", "label": "Hedge-Ratio Instability", "domain": "Relative Value", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in relative value where hedge-ratio instability changes pricing relationships between linked instruments, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "curve-basis-dislocation" ], "effects": [ "convexity-hedging-wave", "volatility-feedback-loop" ], "related": [ "relative-value-crowding", "relative-value-unwind", "swap-spread-dislocation" ], "whereAppears": [ "Relative Value", "Rates" ], "questions": [ "What can trigger hedge-ratio instability?", "Which mechanisms can follow hedge-ratio instability?", "How can hedge-ratio instability be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "convexity-hedging-wave", "label": "Convexity Hedging Wave", "domain": "Relative Value", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in relative value where convexity hedging wave changes pricing relationships between linked instruments, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "hedge-ratio-instability" ], "effects": [ "duration-repricing", "rate-volatility-shock" ], "related": [ "relative-value-crowding", "relative-value-unwind", "swap-spread-dislocation" ], "whereAppears": [ "Relative Value", "Rates" ], "questions": [ "What can trigger convexity hedging wave?", "Which mechanisms can follow convexity hedging wave?", "How can convexity hedging wave be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "relative-value-crowding", "label": "Relative-Value Crowding", "domain": "Relative Value", "status": "institutional", "stage": "cause", "summary": "A market mechanism in relative value where relative-value crowding changes pricing relationships between linked instruments, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "relative-value-unwind", "margin-spiral" ], "related": [ "swap-spread-dislocation", "on-off-run-dislocation", "curve-basis-dislocation" ], "whereAppears": [ "Relative Value", "Rates" ], "questions": [ "What can trigger relative-value crowding?", "Which mechanisms can follow relative-value crowding?", "How can relative-value crowding be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "reserve-manager-rebalancing", "label": "Reserve-Manager Rebalancing", "domain": "Cross-Border", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in cross-border where reserve-manager rebalancing changes cross-border capital, reserves and currency transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "fx-reserve-intervention" ], "effects": [ "foreign-buyer-withdrawal", "safe-haven-reallocation" ], "related": [ "currency-hedging-pressure", "capital-flow-reversal", "home-bias-reassertion" ], "whereAppears": [ "Cross-Border", "Rates" ], "questions": [ "What can trigger reserve-manager rebalancing?", "Which mechanisms can follow reserve-manager rebalancing?", "How can reserve-manager rebalancing be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "currency-hedging-pressure", "label": "Currency-Hedging Pressure", "domain": "Cross-Border", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in cross-border where currency-hedging pressure changes cross-border capital, reserves and currency transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "foreign-buyer-withdrawal", "basis-widening", "safe-haven-reallocation" ], "effects": [ "basis-widening", "capital-flow-reversal" ], "related": [ "home-bias-reassertion", "sovereign-bank-loop", "fx-reserve-intervention" ], "whereAppears": [ "Cross-Border", "Rates" ], "questions": [ "What can trigger currency-hedging pressure?", "Which mechanisms can follow currency-hedging pressure?", "How can currency-hedging pressure be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "capital-flow-reversal", "label": "Capital-Flow Reversal", "domain": "Cross-Border", "status": "shifting", "stage": "mechanism", "summary": "A market mechanism in cross-border where capital-flow reversal changes cross-border capital, reserves and currency transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "currency-hedging-pressure", "home-bias-reassertion", "fx-reserve-intervention" ], "effects": [ "external-financing-squeeze", "spread-widening" ], "related": [ "sovereign-bank-loop", "safe-haven-reallocation", "reserve-manager-rebalancing" ], "whereAppears": [ "Cross-Border", "Rates" ], "questions": [ "What can trigger capital-flow reversal?", "Which mechanisms can follow capital-flow reversal?", "How can capital-flow reversal be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "home-bias-reassertion", "label": "Home-Bias Reassertion", "domain": "Cross-Border", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in cross-border where home-bias reassertion changes cross-border capital, reserves and currency transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "foreign-buyer-withdrawal", "capital-flow-reversal" ], "related": [ "sovereign-bank-loop", "safe-haven-reallocation", "fx-reserve-intervention" ], "whereAppears": [ "Cross-Border", "Rates" ], "questions": [ "What can trigger home-bias reassertion?", "Which mechanisms can follow home-bias reassertion?", "How can home-bias reassertion be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "sovereign-bank-loop", "label": "Sovereign–Bank Loop", "domain": "Cross-Border", "status": "be-the-first", "stage": "mechanism", "summary": "A market mechanism in cross-border where sovereign–bank loop changes cross-border capital, reserves and currency transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "fiscal-risk-repricing", "spread-widening" ], "related": [ "safe-haven-reallocation", "fx-reserve-intervention", "external-financing-squeeze" ], "whereAppears": [ "Cross-Border", "Rates" ], "questions": [ "What can trigger sovereign–bank loop?", "Which mechanisms can follow sovereign–bank loop?", "How can sovereign–bank loop be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } }, { "id": "safe-haven-reallocation", "label": "Safe-Haven Reallocation", "domain": "Cross-Border", "status": "institutional", "stage": "mechanism", "summary": "A market mechanism in cross-border where safe-haven reallocation changes cross-border capital, reserves and currency transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "bull-flattening", "reserve-manager-rebalancing" ], "effects": [ "long-end-selloff", "currency-hedging-pressure" ], "related": [ "fx-reserve-intervention", "external-financing-squeeze", "capital-flow-reversal" ], "whereAppears": [ "Cross-Border", "Rates" ], "questions": [ "What can trigger safe-haven reallocation?", "Which mechanisms can follow safe-haven reallocation?", "How can safe-haven reallocation be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "fx-reserve-intervention", "label": "FX-Reserve Intervention", "domain": "Cross-Border", "status": "institutional", "stage": "mechanism", "summary": "A market mechanism in cross-border where fx-reserve intervention changes cross-border capital, reserves and currency transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [], "effects": [ "reserve-manager-rebalancing", "capital-flow-reversal" ], "related": [ "external-financing-squeeze", "currency-hedging-pressure", "home-bias-reassertion" ], "whereAppears": [ "Cross-Border", "Rates" ], "questions": [ "What can trigger fx-reserve intervention?", "Which mechanisms can follow fx-reserve intervention?", "How can fx-reserve intervention be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": false, "reason": "Existing or established concept retained as an anchor for the mechanism graph.", "priority": "anchor" } }, { "id": "external-financing-squeeze", "label": "External-Financing Squeeze", "domain": "Cross-Border", "status": "be-the-first", "stage": "effect", "summary": "A market mechanism in cross-border where external-financing squeeze changes cross-border capital, reserves and currency transmission, creating observable transmission into connected prices, funding conditions or balance sheets.", "why": "It helps separate the visible market move from the underlying transmission path, so users can trace what changed upstream and what may be affected downstream.", "causes": [ "dollar-funding-stress", "capital-flow-reversal" ], "effects": [ "dollar-funding-stress", "default-risk-repricing" ], "related": [ "reserve-manager-rebalancing", "currency-hedging-pressure", "home-bias-reassertion" ], "whereAppears": [ "Cross-Border", "Rates" ], "questions": [ "What can trigger external-financing squeeze?", "Which mechanisms can follow external-financing squeeze?", "How can external-financing squeeze be distinguished from a nearby market move?" ], "beTheFirst": { "candidate": true, "reason": "Specialist mechanism with high explanatory value and limited intuitive navigation across existing market resources.", "priority": "high" } } ], "links": [ { "source": "policy-repricing", "target": "front-end-repricing", "type": "transmission" }, { "source": "policy-repricing", "target": "bear-flattening", "type": "transmission" }, { "source": "policy-repricing", "target": "curve-inversion", "type": "transmission" }, { "source": "front-end-repricing", "target": "bear-flattening", "type": "transmission" }, { "source": "front-end-repricing", "target": "curve-compression", "type": "transmission" }, { "source": "front-end-repricing", "target": "funding-cost-reset", "type": "transmission" }, { "source": "real-yield-shock", "target": "duration-repricing", "type": "transmission" }, { "source": "real-yield-shock", "target": "long-end-selloff", "type": "transmission" }, { "source": "real-yield-shock", "target": "spread-widening", "type": "transmission" }, { "source": "inflation-surprise", "target": "policy-repricing", "type": "transmission" }, { "source": "inflation-surprise", "target": "real-yield-shock", "type": "transmission" }, { "source": "inflation-surprise", "target": "term-premium-expansion", "type": "transmission" }, { "source": "term-premium-expansion", "target": "long-end-selloff", "type": "transmission" }, { "source": "term-premium-expansion", "target": "bear-steepening", "type": "transmission" }, { "source": "term-premium-expansion", "target": "duration-repricing", "type": "transmission" }, { "source": "duration-repricing", "target": "rate-volatility-shock", "type": "transmission" }, { "source": "duration-repricing", "target": "forced-deleveraging", "type": "transmission" }, { "source": "duration-repricing", "target": "spread-widening", "type": "transmission" }, { "source": "rate-volatility-shock", "target": "market-depth-deterioration", "type": "transmission" }, { "source": "rate-volatility-shock", "target": "margin-spiral", "type": "transmission" }, { "source": "rate-volatility-shock", "target": "liquidity-vacuum", "type": "transmission" }, { "source": "neutral-rate-reassessment", "target": "term-premium-expansion", "type": "transmission" }, { "source": "neutral-rate-reassessment", "target": "curve-resteepening", "type": "transmission" }, { "source": "neutral-rate-reassessment", "target": "fiscal-risk-repricing", "type": "transmission" }, { "source": "bear-flattening", "target": "curve-compression", "type": "transmission" }, { "source": "bear-flattening", "target": "interest-coverage-pressure", "type": "transmission" }, { "source": "bull-flattening", "target": "curve-compression", "type": "transmission" }, { "source": "bull-flattening", "target": "safe-haven-reallocation", "type": "transmission" }, { "source": "bear-steepening", "target": "long-end-selloff", "type": "transmission" }, { "source": "bear-steepening", "target": "auction-tail", "type": "transmission" }, { "source": "bull-steepening", "target": "curve-resteepening", "type": "transmission" }, { "source": "bull-steepening", "target": "refinancing-pressure", "type": "transmission" }, { "source": "curve-inversion", "target": "refinancing-pressure", "type": "transmission" }, { "source": "curve-inversion", "target": "funding-cost-reset", "type": "transmission" }, { "source": "curve-resteepening", "target": "term-premium-expansion", "type": "transmission" }, { "source": "curve-resteepening", "target": "credit-migration", "type": "transmission" }, { "source": "curve-compression", "target": "relative-value-unwind", "type": "transmission" }, { "source": "curve-compression", "target": "carry-roll-down-reversal", "type": "transmission" }, { "source": "long-end-selloff", "target": "auction-tail", "type": "transmission" }, { "source": "long-end-selloff", "target": "fiscal-risk-repricing", "type": "transmission" }, { "source": "auction-tail", "target": "bid-to-cover-deterioration", "type": "transmission" }, { "source": "auction-tail", "target": "primary-dealer-absorption", "type": "transmission" }, { "source": "auction-tail", "target": "market-depth-deterioration", "type": "transmission" }, { "source": "bid-to-cover-deterioration", "target": "auction-tail", "type": "transmission" }, { "source": "bid-to-cover-deterioration", "target": "foreign-buyer-withdrawal", "type": "transmission" }, { "source": "foreign-buyer-withdrawal", "target": "auction-tail", "type": "transmission" }, { "source": "foreign-buyer-withdrawal", "target": "currency-hedging-pressure", "type": "transmission" }, { "source": "foreign-buyer-withdrawal", "target": "term-premium-expansion", "type": "transmission" }, { "source": "treasury-supply-shock", "target": "primary-dealer-absorption", "type": "transmission" }, { "source": "treasury-supply-shock", "target": "term-premium-expansion", "type": "transmission" }, { "source": "treasury-supply-shock", "target": "repo-pressure", "type": "transmission" }, { "source": "refinancing-wall", "target": "refinancing-pressure", "type": "transmission" }, { "source": "refinancing-wall", "target": "funding-cost-reset", "type": "transmission" }, { "source": "refinancing-wall", "target": "default-risk-repricing", "type": "transmission" }, { "source": "maturity-extension", "target": "duration-repricing", "type": "transmission" }, { "source": "maturity-extension", "target": "term-premium-expansion", "type": "transmission" }, { "source": "fiscal-risk-repricing", "target": "spread-widening", "type": "transmission" }, { "source": "fiscal-risk-repricing", "target": "foreign-buyer-withdrawal", "type": "transmission" }, { "source": "primary-dealer-absorption", "target": "dealer-balance-sheet-constraint", "type": "transmission" }, { "source": "primary-dealer-absorption", "target": "repo-pressure", "type": "transmission" }, { "source": "repo-pressure", "target": "dollar-funding-stress", "type": "transmission" }, { "source": "repo-pressure", "target": "specialness", "type": "transmission" }, { "source": "repo-pressure", "target": "market-depth-deterioration", "type": "transmission" }, { "source": "collateral-scarcity", "target": "specialness", "type": "transmission" }, { "source": "collateral-scarcity", "target": "repo-pressure", "type": "transmission" }, { "source": "collateral-scarcity", "target": "basis-widening", "type": "transmission" }, { "source": "dollar-funding-stress", "target": "basis-widening", "type": "transmission" }, { "source": "dollar-funding-stress", "target": "external-financing-squeeze", "type": "transmission" }, { "source": "basis-widening", "target": "currency-hedging-pressure", "type": "transmission" }, { "source": "basis-widening", "target": "dollar-funding-stress", "type": "transmission" }, { "source": "funding-cost-reset", "target": "refinancing-pressure", "type": "transmission" }, { "source": "funding-cost-reset", "target": "interest-coverage-pressure", "type": "transmission" }, { "source": "specialness", "target": "cash-futures-basis-stress", "type": "transmission" }, { "source": "specialness", "target": "relative-value-unwind", "type": "transmission" }, { "source": "reserve-scarcity", "target": "repo-pressure", "type": "transmission" }, { "source": "reserve-scarcity", "target": "dollar-funding-stress", "type": "transmission" }, { "source": "cash-futures-basis-stress", "target": "relative-value-unwind", "type": "transmission" }, { "source": "cash-futures-basis-stress", "target": "dealer-balance-sheet-constraint", "type": "transmission" }, { "source": "cash-futures-basis-stress", "target": "margin-spiral", "type": "transmission" }, { "source": "spread-widening", "target": "default-risk-repricing", "type": "transmission" }, { "source": "spread-widening", "target": "credit-migration", "type": "transmission" }, { "source": "refinancing-pressure", "target": "interest-coverage-pressure", "type": "transmission" }, { "source": "refinancing-pressure", "target": "default-risk-repricing", "type": "transmission" }, { "source": "interest-coverage-pressure", "target": "credit-migration", "type": "transmission" }, { "source": "interest-coverage-pressure", "target": "fallen-angel-dynamics", "type": "transmission" }, { "source": "fallen-angel-dynamics", "target": "forced-deleveraging", "type": "transmission" }, { "source": "fallen-angel-dynamics", "target": "spread-widening", "type": "transmission" }, { "source": "credit-migration", "target": "fallen-angel-dynamics", "type": "transmission" }, { "source": "credit-migration", "target": "spread-widening", "type": "transmission" }, { "source": "default-risk-repricing", "target": "spread-widening", "type": "transmission" }, { "source": "default-risk-repricing", "target": "liquidity-vacuum", "type": "transmission" }, { "source": "leveraged-loan-reset", "target": "interest-coverage-pressure", "type": "transmission" }, { "source": "leveraged-loan-reset", "target": "term-loan-b", "type": "transmission" }, { "source": "term-loan-b", "target": "leveraged-loan-reset", "type": "transmission" }, { "source": "term-loan-b", "target": "refinancing-pressure", "type": "transmission" }, { "source": "dealer-balance-sheet-constraint", "target": "liquidity-vacuum", "type": "transmission" }, { "source": "dealer-balance-sheet-constraint", "target": "market-depth-deterioration", "type": "transmission" }, { "source": "dealer-balance-sheet-constraint", "target": "primary-dealer-absorption", "type": "transmission" }, { "source": "liquidity-vacuum", "target": "price-discovery-breakdown", "type": "transmission" }, { "source": "liquidity-vacuum", "target": "volatility-feedback-loop", "type": "transmission" }, { "source": "market-depth-deterioration", "target": "liquidity-vacuum", "type": "transmission" }, { "source": "market-depth-deterioration", "target": "price-discovery-breakdown", "type": "transmission" }, { "source": "forced-deleveraging", "target": "margin-spiral", "type": "transmission" }, { "source": "forced-deleveraging", "target": "liquidity-vacuum", "type": "transmission" }, { "source": "volatility-feedback-loop", "target": "forced-deleveraging", "type": "transmission" }, { "source": "volatility-feedback-loop", "target": "market-depth-deterioration", "type": "transmission" }, { "source": "position-crowding", "target": "forced-deleveraging", "type": "transmission" }, { "source": "position-crowding", "target": "relative-value-unwind", "type": "transmission" }, { "source": "margin-spiral", "target": "forced-deleveraging", "type": "transmission" }, { "source": "margin-spiral", "target": "liquidity-vacuum", "type": "transmission" }, { "source": "price-discovery-breakdown", "target": "volatility-feedback-loop", "type": "transmission" }, { "source": "relative-value-unwind", "target": "market-depth-deterioration", "type": "transmission" }, { "source": "relative-value-unwind", "target": "forced-deleveraging", "type": "transmission" }, { "source": "swap-spread-dislocation", "target": "dealer-balance-sheet-constraint", "type": "transmission" }, { "source": "swap-spread-dislocation", "target": "relative-value-unwind", "type": "transmission" }, { "source": "on-off-run-dislocation", "target": "liquidity-vacuum", "type": "transmission" }, { "source": "on-off-run-dislocation", "target": "relative-value-unwind", "type": "transmission" }, { "source": "curve-basis-dislocation", "target": "relative-value-unwind", "type": "transmission" }, { "source": "curve-basis-dislocation", "target": "hedge-ratio-instability", "type": "transmission" }, { "source": "carry-roll-down-reversal", "target": "relative-value-unwind", "type": "transmission" }, { "source": "carry-roll-down-reversal", "target": "position-crowding", "type": "transmission" }, { "source": "hedge-ratio-instability", "target": "convexity-hedging-wave", "type": "transmission" }, { "source": "hedge-ratio-instability", "target": "volatility-feedback-loop", "type": "transmission" }, { "source": "convexity-hedging-wave", "target": "duration-repricing", "type": "transmission" }, { "source": "convexity-hedging-wave", "target": "rate-volatility-shock", "type": "transmission" }, { "source": "relative-value-crowding", "target": "relative-value-unwind", "type": "transmission" }, { "source": "relative-value-crowding", "target": "margin-spiral", "type": "transmission" }, { "source": "reserve-manager-rebalancing", "target": "foreign-buyer-withdrawal", "type": "transmission" }, { "source": "reserve-manager-rebalancing", "target": "safe-haven-reallocation", "type": "transmission" }, { "source": "currency-hedging-pressure", "target": "basis-widening", "type": "transmission" }, { "source": "currency-hedging-pressure", "target": "capital-flow-reversal", "type": "transmission" }, { "source": "capital-flow-reversal", "target": "external-financing-squeeze", "type": "transmission" }, { "source": "capital-flow-reversal", "target": "spread-widening", "type": "transmission" }, { "source": "home-bias-reassertion", "target": "foreign-buyer-withdrawal", "type": "transmission" }, { "source": "home-bias-reassertion", "target": "capital-flow-reversal", "type": "transmission" }, { "source": "sovereign-bank-loop", "target": "fiscal-risk-repricing", "type": "transmission" }, { "source": "sovereign-bank-loop", "target": "spread-widening", "type": "transmission" }, { "source": "safe-haven-reallocation", "target": "long-end-selloff", "type": "transmission" }, { "source": "safe-haven-reallocation", "target": "currency-hedging-pressure", "type": "transmission" }, { "source": "fx-reserve-intervention", "target": "reserve-manager-rebalancing", "type": "transmission" }, { "source": "fx-reserve-intervention", "target": "capital-flow-reversal", "type": "transmission" }, { "source": "external-financing-squeeze", "target": "dollar-funding-stress", "type": "transmission" }, { "source": "external-financing-squeeze", "target": "default-risk-repricing", "type": "transmission" } ] }