{
  "schema_version": "1.0.0",
  "timestamp": "2026-07-18T08:00:00Z",
  "telemetry": {
    "spx_level": 7553,
    "10y_yield_bps": 458,
    "hy_spread_bps": 268,
    "cre_pd_merton": 0.0117
  },
  "traces": {
    "provenance_edges": [
      {
        "source": "MarketCatalystPlugin",
        "cluster_id": "Macro_Rates_Plateau",
        "confidence_score": 0.0
      },
      {
        "source": "RSDR_Simulator",
        "cluster_id": "State_2_Fallback_Trigger",
        "confidence_score": 1.0,
        "regime": "Hyper-Expansion"
      },
      {
        "source": "Mod-77ab-Copula",
        "regime": "Decoupled",
        "crypto_spx_corr": 0.35
      }
    ]
  },
  "simulator": {
    "merton_active_scenario": "Markov Synthetic Fallback",
    "delta_spread_shock": -3
  }
}