{"scheme":"vaspera-mesh-ledger-v2","chainId":"ryancolkitt-daily","head":{"seq":9,"rowHash":"f54804ffea3f0dddd614c0c09c371c5702b7e1aec20e0492792879e5175f07ed"},"genesis":{"prevHash":"sha256(\"vaspera-mesh-genesis-v2\\n\" || \"ryancolkitt-daily\\n\" || <raw bytes of CONSTITUTION.md at chain birth>)","note":"The v2 chain is rooted in its chain id + the exact text of the governing Constitution in force at genesis. The prior rc-ledger-v1 chain is the pre-v2 era."},"count":2,"nextAfterSeq":null,"rows":[{"seq":8,"prevHash":"fc3d7343b28397b6def73c1da9c3528585031b83e202aa3de75efaa03142c748","chainId":"ryancolkitt-daily","agent":"daily-brief","action":"MarketData+BriefComposer","model":"anthropic/claude-haiku-4.5","inputs":{},"sources":[{"url":"https://fred.stlouisfed.org/series/MORTGAGE30US","asOf":"2026-08-27","name":"FRED · 30-Year Fixed Mortgage","value":6.66,"seriesId":"MORTGAGE30US"},{"url":"https://fred.stlouisfed.org/series/DGS10","asOf":"2026-08-26","name":"FRED · 10-Year Treasury","value":4.66,"seriesId":"DGS10"},{"url":"https://fred.stlouisfed.org/series/DGS2","asOf":"2026-08-26","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":"2026-08-27","name":"FRED · S&P 500","value":7730.99,"seriesId":"SP500"}],"outputs":{"gate":{"pass":true,"reason":"5/5 series, all sourced and fresh.","confidence":0.86},"market":{"sources":[{"url":"https://fred.stlouisfed.org/series/MORTGAGE30US","asOf":"2026-08-27","name":"FRED · 30-Year Fixed Mortgage","value":6.66,"seriesId":"MORTGAGE30US"},{"url":"https://fred.stlouisfed.org/series/DGS10","asOf":"2026-08-26","name":"FRED · 10-Year Treasury","value":4.66,"seriesId":"DGS10"},{"url":"https://fred.stlouisfed.org/series/DGS2","asOf":"2026-08-26","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":"2026-08-27","name":"FRED · S&P 500","value":7730.99,"seriesId":"SP500"}],"readings":[{"asOf":"2026-08-27","unit":"percent","label":"30-Year Fixed Mortgage","value":6.66,"prevAsOf":"2026-08-20","seriesId":"MORTGAGE30US","prevValue":6.65},{"asOf":"2026-08-26","unit":"percent","label":"10-Year Treasury","value":4.66,"prevAsOf":"2026-08-25","seriesId":"DGS10","prevValue":4.64},{"asOf":"2026-08-26","unit":"percent","label":"2-Year Treasury","value":4.19,"prevAsOf":"2026-08-25","seriesId":"DGS2","prevValue":4.17},{"asOf":"2026-07-01","unit":"percent","label":"Fed Funds Rate","value":3.63,"prevAsOf":"2026-06-01","seriesId":"FEDFUNDS","prevValue":3.63},{"asOf":"2026-08-27","unit":"index","label":"S&P 500","value":7730.99,"prevAsOf":"2026-08-26","seriesId":"SP500","prevValue":7675.7}]},"briefId":165,"composed":{"spec":{"root":{"kind":"Stack","children":[{"cols":3,"kind":"Grid","children":[{"kind":"Stat","label":"30-Year Fixed Mortgage","value":"6.66%","caption":"30-year fixed mortgage rate: 6.66%, up 1 bp."},{"kind":"Stat","label":"10-Year Treasury","value":"4.66%","caption":"10-year Treasury: 4.66%, up 2 bps."},{"kind":"Stat","label":"2-Year Treasury","value":"4.19%","caption":"2-year Treasury: 4.19%, up 2 bps."},{"kind":"Stat","label":"Fed Funds Rate","value":"3.63%","caption":"Fed funds rate: 3.63%, unchanged since July 1."},{"kind":"Stat","label":"S&P 500","value":"7,730.99"}]},{"kind":"Text","text":"What it means for your shop","emphasis":"mono"},{"kind":"Callout","text":"The stable 200 bp mortgage-Treasury spread signals steady servicing economics and consistent refi disincentives; with the 10Y–2Y curve at only 47 bps, steepening risk remains limited unless Fed-cut expectations shift.","tone":"info"}]},"title":"markets & rates"},"label":"autonomous · AI-generated","usage":{"promptTokens":2060,"completionTokens":250},"summary":"10Y yields ticked up 2 bps while 30-year mortgages rose just 1 bp, keeping the mortgage-Treasury spread anchored at 200 bps.","headline":"Mortgage-Treasury Spread Holds Firm as Short Rates Stabilize","disclaimer":"Not financial advice. 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Generated autonomously from public Federal Reserve data.\",\"headline\":\"Mortgage-Treasury Spread Holds Firm as Short Rates Stabilize\",\"label\":\"autonomous · AI-generated\",\"spec\":{\"root\":{\"children\":[{\"children\":[{\"caption\":\"30-year fixed mortgage rate: 6.66%, up 1 bp.\",\"kind\":\"Stat\",\"label\":\"30-Year Fixed Mortgage\",\"value\":\"6.66%\"},{\"caption\":\"10-year Treasury: 4.66%, up 2 bps.\",\"kind\":\"Stat\",\"label\":\"10-Year Treasury\",\"value\":\"4.66%\"},{\"caption\":\"2-year Treasury: 4.19%, up 2 bps.\",\"kind\":\"Stat\",\"label\":\"2-Year Treasury\",\"value\":\"4.19%\"},{\"caption\":\"Fed funds rate: 3.63%, unchanged since July 1.\",\"kind\":\"Stat\",\"label\":\"Fed Funds Rate\",\"value\":\"3.63%\"},{\"kind\":\"Stat\",\"label\":\"S&P 500\",\"value\":\"7,730.99\"}],\"cols\":3,\"kind\":\"Grid\"},{\"emphasis\":\"mono\",\"kind\":\"Text\",\"text\":\"What it means for your shop\"},{\"kind\":\"Callout\",\"text\":\"The stable 200 bp mortgage-Treasury spread signals 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Generated autonomously from public Federal Reserve data.\",\"headline\":\"Mortgage spreads holding wide as Treasury curve steepens fractionally\",\"label\":\"autonomous · AI-generated\",\"spec\":{\"root\":{\"children\":[{\"children\":[{\"caption\":\"30-year fixed rose 1 bp to 6.66%, holding well above the 10-year Treasury at a 200 bp spread.\",\"kind\":\"Stat\",\"label\":\"30-Year Fixed Mortgage\",\"value\":\"6.66%\"},{\"caption\":\"10-year Treasury climbed 2 bp to 4.66%, narrowing the nominal gap to mortgages but leaving operator economics pinched.\",\"kind\":\"Stat\",\"label\":\"10-Year Treasury\",\"value\":\"4.66%\"},{\"caption\":\"2-year Treasury also up 2 bp at 4.19%, pushing the 10–2 curve spread to 47 bps—modest steepening that reflects stable Fed rate expectations.\",\"kind\":\"Stat\",\"label\":\"2-Year Treasury\",\"value\":\"4.19%\"},{\"caption\":\"Fed funds rate unchanged at 3.63% as of early July, providing no near-term catalyst for mortgage rate relief.\",\"kind\":\"Stat\",\"label\":\"Fed Funds Rate\",\"value\":\"3.63%\"},{\"caption\":\"S&P 500 at 7,730.99 as of end of trading, with no directional pressure on risk assets to disrupt the rate regime.\",\"kind\":\"Stat\",\"label\":\"S&P 500\",\"value\":\"7,730.99\"}],\"cols\":3,\"kind\":\"Grid\"},{\"emphasis\":\"mono\",\"kind\":\"Text\",\"text\":\"What it means for your shop\"},{\"kind\":\"Callout\",\"text\":\"At 200 bps, the mortgage-rate premium over 10-year Treasuries remains elevated despite stable Fed policy, keeping origination economics tight for conventional portfolios and sustaining MSR hedging pressure from low-refi incentive.\",\"tone\":\"info\"}],\"kind\":\"Stack\"},\"title\":\"markets & rates\"},\"summary\":\"The 30-year fixed ticked higher to 6.66% while the 10–2 spread widened to 47 bps, leaving the mortgage–Treasury gap intact at 200 bps.\",\"usage\":{\"completionTokens\":362,\"promptTokens\":2060}},\"gate\":{\"confidence\":0.86,\"pass\":true,\"reason\":\"5/5 series, all sourced and fresh.\"},\"market\":{\"readings\":[{\"asOf\":\"2026-08-27\",\"label\":\"30-Year Fixed Mortgage\",\"prevAsOf\":\"2026-08-20\",\"prevValue\":6.65,\"seriesId\":\"MORTGAGE30US\",\"unit\":\"percent\",\"value\":6.66},{\"asOf\":\"2026-08-26\",\"label\":\"10-Year Treasury\",\"prevAsOf\":\"2026-08-25\",\"prevValue\":4.64,\"seriesId\":\"DGS10\",\"unit\":\"percent\",\"value\":4.66},{\"asOf\":\"2026-08-26\",\"label\":\"2-Year Treasury\",\"prevAsOf\":\"2026-08-25\",\"prevValue\":4.17,\"seriesId\":\"DGS2\",\"unit\":\"percent\",\"value\":4.19},{\"asOf\":\"2026-07-01\",\"label\":\"Fed Funds Rate\",\"prevAsOf\":\"2026-06-01\",\"prevValue\":3.63,\"seriesId\":\"FEDFUNDS\",\"unit\":\"percent\",\"value\":3.63},{\"asOf\":\"2026-08-27\",\"label\":\"S&P 500\",\"prevAsOf\":\"2026-08-26\",\"prevValue\":7675.7,\"seriesId\":\"SP500\",\"unit\":\"index\",\"value\":7730.99}],\"sources\":[{\"asOf\":\"2026-08-27\",\"name\":\"FRED · 30-Year Fixed Mortgage\",\"seriesId\":\"MORTGAGE30US\",\"url\":\"https://fred.stlouisfed.org/series/MORTGAGE30US\",\"value\":6.66},{\"asOf\":\"2026-08-26\",\"name\":\"FRED · 10-Year Treasury\",\"seriesId\":\"DGS10\",\"url\":\"https://fred.stlouisfed.org/series/DGS10\",\"value\":4.66},{\"asOf\":\"2026-08-26\",\"name\":\"FRED · 2-Year Treasury\",\"seriesId\":\"DGS2\",\"url\":\"https://fred.stlouisfed.org/series/DGS2\",\"value\":4.19},{\"asOf\":\"2026-07-01\",\"name\":\"FRED · Fed Funds Rate\",\"seriesId\":\"FEDFUNDS\",\"url\":\"https://fred.stlouisfed.org/series/FEDFUNDS\",\"value\":3.63},{\"asOf\":\"2026-08-27\",\"name\":\"FRED · S&P 500\",\"seriesId\":\"SP500\",\"url\":\"https://fred.stlouisfed.org/series/SP500\",\"value\":7730.99}]}},\"policyVersion\":5,\"prevHash\":\"1f1f0c7c58254484069ce98503b7da7f4746cce1d3bf94c40ece69832cf27cd9\",\"seq\":9,\"sources\":[{\"asOf\":\"2026-08-27\",\"name\":\"FRED · 30-Year Fixed Mortgage\",\"seriesId\":\"MORTGAGE30US\",\"url\":\"https://fred.stlouisfed.org/series/MORTGAGE30US\",\"value\":6.66},{\"asOf\":\"2026-08-26\",\"name\":\"FRED · 10-Year Treasury\",\"seriesId\":\"DGS10\",\"url\":\"https://fred.stlouisfed.org/series/DGS10\",\"value\":4.66},{\"asOf\":\"2026-08-26\",\"name\":\"FRED · 2-Year Treasury\",\"seriesId\":\"DGS2\",\"url\":\"https://fred.stlouisfed.org/series/DGS2\",\"value\":4.19},{\"asOf\":\"2026-07-01\",\"name\":\"FRED · Fed Funds Rate\",\"seriesId\":\"FEDFUNDS\",\"url\":\"https://fred.stlouisfed.org/series/FEDFUNDS\",\"value\":3.63},{\"asOf\":\"2026-08-27\",\"name\":\"FRED · S&P 500\",\"seriesId\":\"SP500\",\"url\":\"https://fred.stlouisfed.org/series/SP500\",\"value\":7730.99}]}"}]}