{
    "ok": true,
    "status": "live",
    "board_id": "rates",
    "schema_version": "envelope-v1",
    "generated_at": "2026-09-20T14:43:28+00:00",
    "archive_date": "2026-09-17",
    "as_of": "2026-09-17",
    "source": "U.S. Treasury via FRED CSV",
    "series": {
        "DGS3MO": {
            "value": 4.12,
            "date": "2026-09-17"
        },
        "DGS2": {
            "value": 4.67,
            "date": "2026-09-17"
        },
        "DGS5": {
            "value": 4.78,
            "date": "2026-09-17"
        },
        "DGS10": {
            "value": 4.94,
            "date": "2026-09-17"
        },
        "DGS30": {
            "value": 5.29,
            "date": "2026-09-17"
        }
    },
    "observations": [
        {
            "series_id": "DGS3MO",
            "metric_id": "us_treasury_dgs3mo",
            "value": 4.12,
            "unit": "percent",
            "frequency": "daily",
            "period": "2026-09-17",
            "published_at": "2026-09-17T00:00:00+00:00",
            "retrieved_at": "2026-09-20T14:43:28+00:00",
            "status": "live",
            "revision": "initial",
            "transformation_version": "raw",
            "source": {
                "publisher": "U.S. Department of the Treasury",
                "dataset": "Daily Treasury Par Yield Curve Rates (via FRED CSV)",
                "permalink": "https://home.treasury.gov/resource-center/data-chart-center/interest-rates",
                "redistribution_ok": true,
                "cadence": "daily",
                "correction_policy": "published rates are final for the session; revisions rare",
                "fallback": "fail closed \u2014 never invent a yield"
            }
        },
        {
            "series_id": "DGS2",
            "metric_id": "us_treasury_dgs2",
            "value": 4.67,
            "unit": "percent",
            "frequency": "daily",
            "period": "2026-09-17",
            "published_at": "2026-09-17T00:00:00+00:00",
            "retrieved_at": "2026-09-20T14:43:28+00:00",
            "status": "live",
            "revision": "initial",
            "transformation_version": "raw",
            "source": {
                "publisher": "U.S. Department of the Treasury",
                "dataset": "Daily Treasury Par Yield Curve Rates (via FRED CSV)",
                "permalink": "https://home.treasury.gov/resource-center/data-chart-center/interest-rates",
                "redistribution_ok": true,
                "cadence": "daily",
                "correction_policy": "published rates are final for the session; revisions rare",
                "fallback": "fail closed \u2014 never invent a yield"
            }
        },
        {
            "series_id": "DGS5",
            "metric_id": "us_treasury_dgs5",
            "value": 4.78,
            "unit": "percent",
            "frequency": "daily",
            "period": "2026-09-17",
            "published_at": "2026-09-17T00:00:00+00:00",
            "retrieved_at": "2026-09-20T14:43:28+00:00",
            "status": "live",
            "revision": "initial",
            "transformation_version": "raw",
            "source": {
                "publisher": "U.S. Department of the Treasury",
                "dataset": "Daily Treasury Par Yield Curve Rates (via FRED CSV)",
                "permalink": "https://home.treasury.gov/resource-center/data-chart-center/interest-rates",
                "redistribution_ok": true,
                "cadence": "daily",
                "correction_policy": "published rates are final for the session; revisions rare",
                "fallback": "fail closed \u2014 never invent a yield"
            }
        },
        {
            "series_id": "DGS10",
            "metric_id": "us_treasury_dgs10",
            "value": 4.94,
            "unit": "percent",
            "frequency": "daily",
            "period": "2026-09-17",
            "published_at": "2026-09-17T00:00:00+00:00",
            "retrieved_at": "2026-09-20T14:43:28+00:00",
            "status": "live",
            "revision": "initial",
            "transformation_version": "raw",
            "source": {
                "publisher": "U.S. Department of the Treasury",
                "dataset": "Daily Treasury Par Yield Curve Rates (via FRED CSV)",
                "permalink": "https://home.treasury.gov/resource-center/data-chart-center/interest-rates",
                "redistribution_ok": true,
                "cadence": "daily",
                "correction_policy": "published rates are final for the session; revisions rare",
                "fallback": "fail closed \u2014 never invent a yield"
            }
        },
        {
            "series_id": "DGS30",
            "metric_id": "us_treasury_dgs30",
            "value": 5.29,
            "unit": "percent",
            "frequency": "daily",
            "period": "2026-09-17",
            "published_at": "2026-09-17T00:00:00+00:00",
            "retrieved_at": "2026-09-20T14:43:28+00:00",
            "status": "live",
            "revision": "initial",
            "transformation_version": "raw",
            "source": {
                "publisher": "U.S. Department of the Treasury",
                "dataset": "Daily Treasury Par Yield Curve Rates (via FRED CSV)",
                "permalink": "https://home.treasury.gov/resource-center/data-chart-center/interest-rates",
                "redistribution_ok": true,
                "cadence": "daily",
                "correction_policy": "published rates are final for the session; revisions rare",
                "fallback": "fail closed \u2014 never invent a yield"
            }
        }
    ],
    "spreads": [
        {
            "id": "2s10s",
            "metric_id": "us_2s10s",
            "value": 0.27,
            "unit": "percent",
            "date": "2026-09-17",
            "short_series": {
                "value": 4.67,
                "date": "2026-09-17"
            },
            "long_series": {
                "value": 4.94,
                "date": "2026-09-17"
            }
        },
        {
            "id": "3m10y",
            "metric_id": "us_3m10y",
            "value": 0.82,
            "unit": "percent",
            "date": "2026-09-17",
            "short_series": {
                "value": 4.12,
                "date": "2026-09-17"
            },
            "long_series": {
                "value": 4.94,
                "date": "2026-09-17"
            }
        }
    ],
    "read": {
        "headline": "Curve steep \u2014 expansion signal",
        "regime_label": "Steepening",
        "summary": "The 2s10s spread is positive (+0.27%), consistent with a normal/expanding cycle. Longer yields above short \u2014 watch whether the steepening persists (risk appetite) or the front end reprices. The 3m10y spread is +0.82%. As of 2026-09-17."
    },
    "history": {
        "current": 0.27000000000000046,
        "percentile": 29.2,
        "avg_recent": 0.52,
        "line": "The current 2s10s is positive \u2014 historically that has been the normal regime about 71% of the time."
    },
    "prompt_version": "rates-v0.1"
}