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            "direction": "down",
            "trend": "worsening",
            "as_of": "2026-10-04"
          },
          {
            "pillar": "political_economy_lock_in",
            "name": "political economy lock in",
            "word": "middling",
            "direction": "flat",
            "trend": "steady",
            "as_of": "2026-10-04"
          },
          {
            "pillar": "human_capital",
            "name": "human capital",
            "word": "middling",
            "direction": "down",
            "trend": "worsening",
            "as_of": "2026-10-04"
          }
        ],
        "valuation": [],
        "weight_covered_pct": 60.0,
        "facts_in_place": 3,
        "facts_total": 25,
        "episode": null
      },
      {
        "code": "equities_us",
        "kind": "asset_class",
        "name": "US equities",
        "status": "not yet covered",
        "as_of": null,
        "pillars": [],
        "valuation": [],
        "weight_covered_pct": null,
        "facts_in_place": 2,
        "facts_total": 6,
        "episode": null
      },
      {
        "code": "equities_europe",
        "kind": "asset_class",
        "name": "European equities",
        "status": "not yet covered",
        "as_of": null,
        "pillars": [],
        "valuation": [],
        "weight_covered_pct": null,
        "facts_in_place": 2,
        "facts_total": 6,
        "episode": null
      },
      {
        "code": "equities_japan",
        "kind": "asset_class",
        "name": "Japanese equities",
        "status": "not yet covered",
        "as_of": null,
        "pillars": [],
        "valuation": [],
        "weight_covered_pct": null,
        "facts_in_place": 2,
        "facts_total": 6,
        "episode": null
      },
      {
        "code": "equities_china",
        "kind": "asset_class",
        "name": "Chinese equities",
        "status": "not yet covered",
        "as_of": null,
        "pillars": [],
        "valuation": [],
        "weight_covered_pct": null,
        "facts_in_place": 2,
        "facts_total": 6,
        "episode": null
      },
      {
        "code": "govt_bonds_duration",
        "kind": "asset_class",
        "name": "Government bonds and duration",
        "status": "covered",
        "as_of": "2026-10-02",
        "pillars": [],
        "valuation": [
          {
            "label": "Euro ten-year yield, percentile of its recorded range",
            "percentile": 100.0,
            "as_of": "2026-10-01"
          },
          {
            "label": "US thirty-year yield, percentile of its recorded range",
            "percentile": 99.9,
            "as_of": "2026-10-02"
          }
        ],
        "weight_covered_pct": null,
        "facts_in_place": 2,
        "facts_total": 6,
        "episode": null
      },
      {
        "code": "credit",
        "kind": "asset_class",
        "name": "Credit",
        "status": "not yet covered",
        "as_of": null,
        "pillars": [],
        "valuation": [],
        "weight_covered_pct": null,
        "facts_in_place": 1,
        "facts_total": 6,
        "episode": null
      },
      {
        "code": "gold_precious",
        "kind": "asset_class",
        "name": "Gold and precious metals",
        "status": "covered",
        "as_of": "2026-10-02",
        "pillars": [],
        "valuation": [
          {
            "label": "Gold price in dollars, percentile of its recorded range",
            "percentile": 90.4,
            "as_of": "2026-10-02"
          }
        ],
        "weight_covered_pct": null,
        "facts_in_place": 2,
        "facts_total": 6,
        "episode": null
      },
      {
        "code": "energy_commodities",
        "kind": "asset_class",
        "name": "Energy and commodities",
        "status": "covered",
        "as_of": "2026-10-02",
        "pillars": [],
        "valuation": [
          {
            "label": "Brent price in dollars, percentile of its recorded range",
            "percentile": 92.7,
            "as_of": "2026-10-02"
          }
        ],
        "weight_covered_pct": null,
        "facts_in_place": 2,
        "facts_total": 6,
        "episode": null
      },
      {
        "code": "real_estate",
        "kind": "asset_class",
        "name": "Real estate",
        "status": "not yet covered",
        "as_of": null,
        "pillars": [],
        "valuation": [],
        "weight_covered_pct": null,
        "facts_in_place": 1,
        "facts_total": 6,
        "episode": null
      },
      {
        "code": "cash_bills",
        "kind": "asset_class",
        "name": "Cash and bills",
        "status": "not yet covered",
        "as_of": null,
        "pillars": [],
        "valuation": [],
        "weight_covered_pct": null,
        "facts_in_place": 1,
        "facts_total": 6,
        "episode": null
      },
      {
        "code": "trend_following",
        "kind": "asset_class",
        "name": "Trend following",
        "status": "not yet covered",
        "as_of": null,
        "pillars": [],
        "valuation": [],
        "weight_covered_pct": null,
        "facts_in_place": 2,
        "facts_total": 6,
        "episode": null
      },
      {
        "code": "crypto",
        "kind": "asset_class",
        "name": "Crypto",
        "status": "covered",
        "as_of": "2026-10-04",
        "pillars": [],
        "valuation": [
          {
            "label": "Bitcoin price in dollars, percentile of its recorded range",
            "percentile": 85.5,
            "as_of": "2026-10-04"
          }
        ],
        "weight_covered_pct": null,
        "facts_in_place": 2,
        "facts_total": 6,
        "episode": null
      },
      {
        "code": "currencies",
        "kind": "asset_class",
        "name": "Currencies",
        "status": "covered",
        "as_of": "2026-10-02",
        "pillars": [],
        "valuation": [
          {
            "label": "USD percentile of ten years",
            "percentile": 50.0,
            "as_of": "2026-10-02"
          },
          {
            "label": "JPY percentile of ten years",
            "percentile": 91.0,
            "as_of": "2026-10-02"
          },
          {
            "label": "GBP percentile of ten years",
            "percentile": 19.0,
            "as_of": "2026-10-02"
          },
          {
            "label": "CHF percentile of ten years",
            "percentile": 10.0,
            "as_of": "2026-10-02"
          }
        ],
        "weight_covered_pct": null,
        "facts_in_place": 2,
        "facts_total": 6,
        "episode": null
      }
    ]
  },
  "liquidity": {
    "as_of": "2026-09-30",
    "note": "Central-bank liquidity is one input to how we read the economic cycle and the markets. It says nothing about any single company.",
    "areas": [
      {
        "area": "US",
        "label": "United States",
        "impulse": "flat",
        "change_13w_pct_gdp": -0.1868458148085761,
        "stress": false,
        "as_of": "2026-09-30",
        "inflation_line": null
      },
      {
        "area": "EA",
        "label": "Euro area",
        "impulse": "draining",
        "change_13w_pct_gdp": -1.5485660468424094,
        "stress": null,
        "as_of": "2026-09-25",
        "inflation_line": "inflation: headline 3.8 % (September 2026); core not available"
      },
      {
        "area": "JP",
        "label": "Japan",
        "impulse": "draining",
        "change_13w_pct_gdp": -2.8758585262428307,
        "stress": null,
        "as_of": "2026-08-01",
        "inflation_line": "inflation: headline 1.9 % (July 2026); core not available"
      },
      {
        "area": "GB",
        "label": "United Kingdom",
        "impulse": null,
        "change_13w_pct_gdp": null,
        "stress": null,
        "as_of": null,
        "inflation_line": null
      },
      {
        "area": "CN",
        "label": "China",
        "impulse": null,
        "change_13w_pct_gdp": null,
        "stress": null,
        "as_of": null,
        "inflation_line": "inflation: headline 0.8 % (August 2026); core not available"
      }
    ],
    "global": {
      "area": "GLOBAL",
      "label": "Global (the covered areas together)",
      "impulse": "draining",
      "change_13w_pct_gdp": -0.6511114061578972,
      "stress": null,
      "as_of": "2026-09-30",
      "inflation_line": null
    }
  },
  "regimes": {
    "as_of": null,
    "items": [],
    "note": "A regime reads confirming when most of the indicators we can measure point toward it, denying when most point away, mixed when they split, and insufficient data when fewer than half can be measured. It is a reading of conditions, not a forecast.",
    "gap": "The weekly register has not produced a reading yet."
  },
  "claims": {
    "checks": [],
    "note": "No checks published yet."
  },
  "episodes": [],
  "notes": [],
  "method": "Each country, region and asset class is read pillar by pillar, never as one score. A pillar's word (strong, middling, weak) and its arrow (improving, steady, worsening) come from published statistics of the IMF, the Bank for International Settlements and the United Nations, and from central-bank balance sheets, each with the date of its latest observation. A subject is shown only when enough of those facts are in place; otherwise the page says how many are. Claim checks compare what a source said with the data that has come in since, and give a verdict only when the data allow one. This page is updated when something changed, not on a timer. Nothing here is a forecast or advice.",
  "changes": [
    {
      "kind": "first",
      "section": "view",
      "subject": "",
      "text": "First published view.",
      "date": "2026-10-04"
    }
  ],
  "earlier_changes": []
}