{
  "systemic_regime_covenants": {
    "arm_ltv_breach": {
      "if": [
        {"<": [{"var": "live_ingestion.arm_spot_price"}, 73.00]},
        "CRITICAL_MARGIN_CALL",
        {"if": [
          {"<": [{"var": "live_ingestion.arm_spot_price"}, 85.00]},
          "ELEVATED_LTV_WARNING",
          "STABLE"
        ]}
      ]
    },
    "century_duration_mirage_trigger": {
      "and": [
        {">": [{"var": "live_ingestion.us_10y_yield"}, 4.85]},
        {">": [{"var": "live_ingestion.hy_spread"}, 4.00]}
      ]
    },
    "liquidity_vacuum_regime": {
      "and": [
        {"<": [{"var": "macro_plumbing.on_rrp_balance"}, 50.0]},
        {">": [{"var": "macro_plumbing.tga_balance"}, 850.0]}
      ]
    }
  },
  "tactical_allocation_shift": {
    "if": [
      {"==": [{"var": "century_duration_mirage_trigger"}, true]},
      {"t_bills": 0.65, "gold": 0.20, "dry_powder": 0.15},
      {"t_bills": 0.40, "gold": 0.10, "dry_powder": 0.50}
    ]
  }
}