{"scheme":"rc-ledger-v1","head":{"seq":298,"rowHash":"b5267756cc9d0a16f23b81a947a975e91bb443400a9f4d0dab7e3434928d057e"},"genesis":{"prevHash":"sha256(\"rc-ledger-genesis-v1\\n\" || <raw bytes of CONSTITUTION.md at chain birth>)","note":"The chain is rooted in the exact text of the governing Constitution in force at genesis."},"count":6,"nextAfterSeq":null,"rows":[{"seq":293,"prevHash":"703309b353f6529a05fb643de8f929dcddf036b2dbe132b3061d824f5c49586f","agent":"daily-brief","skill":"MarketData+BriefComposer","model":"anthropic/claude-haiku-4.5","inputs":{},"sources":[{"url":"https://fred.stlouisfed.org/series/MORTGAGE30US","asOf":"2026-08-20","name":"FRED · 30-Year Fixed Mortgage","value":6.65,"seriesId":"MORTGAGE30US"},{"url":"https://fred.stlouisfed.org/series/DGS10","asOf":"2026-08-20","name":"FRED · 10-Year Treasury","value":4.69,"seriesId":"DGS10"},{"url":"https://fred.stlouisfed.org/series/DGS2","asOf":"2026-08-20","name":"FRED · 2-Year Treasury","value":4.19,"seriesId":"DGS2"},{"url":"https://fred.stlouisfed.org/series/FEDFUNDS","asOf":"2026-07-01","name":"FRED · Fed Funds Rate","value":3.63,"seriesId":"FEDFUNDS"},{"url":"https://fred.stlouisfed.org/series/SP500","asOf":"2026-08-20","name":"FRED · S&P 500","value":7641.16,"seriesId":"SP500"}],"outputs":{"gate":{"pass":true,"reason":"5/5 series, all sourced and fresh.","confidence":0.92},"market":{"sources":[{"url":"https://fred.stlouisfed.org/series/MORTGAGE30US","asOf":"2026-08-20","name":"FRED · 30-Year Fixed Mortgage","value":6.65,"seriesId":"MORTGAGE30US"},{"url":"https://fred.stlouisfed.org/series/DGS10","asOf":"2026-08-20","name":"FRED · 10-Year Treasury","value":4.69,"seriesId":"DGS10"},{"url":"https://fred.stlouisfed.org/series/DGS2","asOf":"2026-08-20","name":"FRED · 2-Year Treasury","value":4.19,"seriesId":"DGS2"},{"url":"https://fred.stlouisfed.org/series/FEDFUNDS","asOf":"2026-07-01","name":"FRED · Fed Funds Rate","value":3.63,"seriesId":"FEDFUNDS"},{"url":"https://fred.stlouisfed.org/series/SP500","asOf":"2026-08-20","name":"FRED · S&P 500","value":7641.16,"seriesId":"SP500"}],"readings":[{"asOf":"2026-08-20","unit":"percent","label":"30-Year Fixed Mortgage","value":6.65,"prevAsOf":"2026-08-13","seriesId":"MORTGAGE30US","prevValue":6.67},{"asOf":"2026-08-20","unit":"percent","label":"10-Year Treasury","value":4.69,"prevAsOf":"2026-08-19","seriesId":"DGS10","prevValue":4.65},{"asOf":"2026-08-20","unit":"percent","label":"2-Year Treasury","value":4.19,"prevAsOf":"2026-08-19","seriesId":"DGS2","prevValue":4.19},{"asOf":"2026-07-01","unit":"percent","label":"Fed Funds Rate","value":3.63,"prevAsOf":"2026-06-01","seriesId":"FEDFUNDS","prevValue":3.63},{"asOf":"2026-08-20","unit":"index","label":"S&P 500","value":7641.16,"prevAsOf":"2026-08-19","seriesId":"SP500","prevValue":7707.98}]},"briefId":146,"composed":{"spec":{"root":{"kind":"Stack","children":[{"cols":3,"kind":"Grid","children":[{"kind":"Stat","label":"30-Year Fixed Mortgage","value":"6.65%","caption":"30-year fixed at 6.65%, down 2 bps — minimal daily movement signals steady origination demand."},{"kind":"Stat","label":"10-Year Treasury","value":"4.69%","caption":"10-year Treasury rose 4 bps to 4.69%, dragging the mortgage-Treasury spread to 196 bps."},{"kind":"Stat","label":"2-Year Treasury","value":"4.19%","caption":"2-year Treasury unchanged at 4.19%, holding the front end flat against the 10-year."},{"kind":"Stat","label":"Fed Funds Rate","value":"3.63%","caption":"Fed funds rate at 3.63%, last updated 2026-07-01, remains unchanged pending next policy move."},{"kind":"Stat","label":"S&P 500","value":"7,641.16","caption":"S&P 500 at 7,641.16 — equity stability provides no tail hedging incentive for fixed-income duration extension."}]},{"kind":"Text","text":"What it means for your shop","emphasis":"mono"},{"kind":"Callout","text":"The 50 basis point 10Y–2Y spread leaves little room for refi incentive and signals persistent prepay risk; operators should monitor whether the curve steepens or flattens further, as sustained inversion of the spread would begin to ease refinance pressure.","tone":"info"}]},"title":"markets & rates"},"label":"autonomous · AI-generated","usage":{"promptTokens":1990,"completionTokens":328},"summary":"A modest uptick in the 10-year yield paired with stable short rates keeps the mortgage-Treasury spread near 196 basis points.","headline":"30-Year Mortgage Holds Firm at 6.65% as Treasury Curve Flattens","disclaimer":"Not financial advice. 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purchase demand before it eases rates.","tone":"info"}]},"title":"markets & rates"},"label":"autonomous · AI-generated","usage":{"promptTokens":1990,"completionTokens":394},"summary":"The 10–2 curve tightened while the 30-year fixed climbed 196 bps above the 10-year, signaling rising origination friction even as refinance incentives vanish.","headline":"Mortgage Spread Blows Out as Long Rates Rally; Curve Flattens to 50 bps","disclaimer":"Not financial advice. 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rates"},"label":"autonomous · AI-generated","usage":{"promptTokens":1990,"completionTokens":375},"summary":"The 30-year mortgage edged down 2 bps while the 10-year Treasury climbed 4 bps, pushing the mortgage–Treasury spread to 196 bps and leaving the 10–2 curve at just 50 bps.","headline":"Mortgage Spreads Widen as 10-Year Yields Rise; Curve Flattens to 50 Bps","disclaimer":"Not financial advice. 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