The capacity and cost of funding risk across three channels: policy (rates/balance sheet), bank credit (loan growth/standards), and market plumbing (repo, haircuts, cross-currency basis).
Capacity and cost of funding risk across policy, bank credit, and market plumbing; a key driver of valuation bands and risk premia.
Liquidity shifts valuation bands and risk premia. Expansion favors carry and trend; contraction favors cash/duration with smaller gross.
• Three-channel composite (policy, bank credit, plumbing) scored −1/0/+1 each; sum conditions gross/net.
• Funding-stress tripwires (spreads/haircuts) trigger automatic de-gross.
Term Structure · Carry · Basis (link these later once those terms exist)