{
  "snapshot_date": "2025-05-15",
  "macro_regime": "Sustained Tightness",
  "themes": [
    {
      "id": "RATES_HIGHER_FOR_LONGER",
      "name": "Sustained High Interest Rates",
      "description": "Federal banking system reports commercial credit risk increasing due to sustained higher rates and refinancing cliffs.",
      "impact_sectors": ["Real Estate", "Consumer Discretionary", "Industrials"],
      "severity": 0.85
    },
    {
      "id": "GEOPOLITICAL_FRAGMENTATION",
      "name": "Geopolitical Trade Tensions",
      "description": "Intensifying trade wars and tariffs threatening global supply chains and credit conditions.",
      "impact_sectors": ["Tech (Hardware)", "Energy", "Automotive"],
      "severity": 0.75
    },
    {
      "id": "CRE_STRESS",
      "name": "Commercial Real Estate Bifurcation",
      "description": "Pockets of acute risk in office/urban CRE while data centers/industrial remain robust.",
      "impact_sectors": ["Real Estate"],
      "severity": 0.90
    },
    {
      "id": "AI_POWER_DEMAND",
      "name": "Digital Infrastructure & Energy",
      "description": "Massive capital expenditure needs for AI fueling energy and utility sector debt issuance.",
      "impact_sectors": ["Utilities", "Technology"],
      "severity": 0.40
    }
  ],
  "market_indicators": {
    "us_10y": 4.50,
    "vix": 18.5,
    "hy_spread": 425
  }
}