Forward Synthesis // Core Macro & Tail Risks

PROBABILITY MATRIX • SYSTEMIC FRAGILITY • EVENT HORIZONS

Global Risk Index
ELEVATED (78/100)

Primary Tail Risks (T+90 Days)

Strait of Hormuz Blockade 18% PROB

Energy shock forcing Brent >$120. Immediate inflation resurgence causing CB pivot reversal.

Impact: Deep Stagflation
SPX ▼ 12%
BSL Covenant Cascade 35% PROB

2021/2022 'B-' vintages breach DSCR < 1.0x at 4.5% risk-free rate, triggering forced LMEs.

Impact: HY Spread Blowout
OAS ▲ 300bps
AI CapEx Capitulation 12% PROB

Enterprise adoption lags infrastructure buildout, causing hyper-scalers to cut forward guidance.

Impact: Tech Sector Drag
NDX ▼ 15%
US Fiscal Dominance 25% PROB

Treasury supply overwhelms demand, forcing yield curve steepening and crowding out private credit.

Impact: Term Premium Shock
10Y ▲ 5.2%

Macro Scenario Probability Surface

Soft Landing
45%
▲ +2% (MoM)
No Landing
30%
-- (MoM)
Mild Recession
20%
▼ -1% (MoM)
Stagflation Shock
5%
▲ +1% (MoM)