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        {
          "period": "2026-06-02",
          "value": 3.0192058236
        },
        {
          "period": "2026-06-03",
          "value": 3.0612878862
        },
        {
          "period": "2026-06-04",
          "value": 3.0698375728
        },
        {
          "period": "2026-06-05",
          "value": 3.0877233984
        },
        {
          "period": "2026-06-08",
          "value": 3.0920816898
        },
        {
          "period": "2026-06-09",
          "value": 3.0992230173
        },
        {
          "period": "2026-06-10",
          "value": 3.1162570344
        },
        {
          "period": "2026-06-11",
          "value": 3.0798140633
        },
        {
          "period": "2026-06-12",
          "value": 3.0694748442
        },
        {
          "period": "2026-06-15",
          "value": 3.0089281275
        },
        {
          "period": "2026-06-16",
          "value": 2.9923877689
        },
        {
          "period": "2026-06-17",
          "value": 2.9854852656
        },
        {
          "period": "2026-06-18",
          "value": 2.9853251782
        },
        {
          "period": "2026-06-19",
          "value": 3.0367350672
        },
        {
          "period": "2026-06-22",
          "value": 3.0093670766
        },
        {
          "period": "2026-06-23",
          "value": 2.9707291005
        },
        {
          "period": "2026-06-24",
          "value": 2.9379971807
        },
        {
          "period": "2026-06-25",
          "value": 2.9160405586
        },
        {
          "period": "2026-06-26",
          "value": 2.9223600013
        },
        {
          "period": "2026-06-29",
          "value": 2.922896152
        },
        {
          "period": "2026-06-30",
          "value": 2.9244927445
        },
        {
          "period": "2026-07-01",
          "value": 2.9633626284
        },
        {
          "period": "2026-07-02",
          "value": 2.9878649255
        },
        {
          "period": "2026-07-03",
          "value": 3.0061092915
        },
        {
          "period": "2026-07-06",
          "value": 3.0156822508
        },
        {
          "period": "2026-07-07",
          "value": 3.0568869592
        },
        {
          "period": "2026-07-08",
          "value": 3.1370395898
        },
        {
          "period": "2026-07-09",
          "value": 3.1292327833
        },
        {
          "period": "2026-07-10",
          "value": 3.1085540184
        },
        {
          "period": "2026-07-13",
          "value": 3.1247022419
        },
        {
          "period": "2026-07-14",
          "value": 3.1462568028
        },
        {
          "period": "2026-07-15",
          "value": 3.1544621071
        },
        {
          "period": "2026-07-16",
          "value": 3.1773426637
        },
        {
          "period": "2026-07-17",
          "value": 3.1521219932
        },
        {
          "period": "2026-07-20",
          "value": 3.1678464688
        },
        {
          "period": "2026-07-21",
          "value": 3.2100962672
        },
        {
          "period": "2026-07-22",
          "value": 3.2040119707
        },
        {
          "period": "2026-07-23",
          "value": 3.2247334899
        },
        {
          "period": "2026-07-24",
          "value": 3.2069910464
        },
        {
          "period": "2026-07-27",
          "value": 3.1657910287
        },
        {
          "period": "2026-07-28",
          "value": 3.1579633503
        },
        {
          "period": "2026-07-29",
          "value": 3.1750136066
        },
        {
          "period": "2026-07-30",
          "value": 3.2006565473
        },
        {
          "period": "2026-07-31",
          "value": 3.2273140986
        },
        {
          "period": "2026-08-03",
          "value": 3.1854986169
        },
        {
          "period": "2026-08-04",
          "value": 3.1462738472
        },
        {
          "period": "2026-08-05",
          "value": 3.1466241785
        },
        {
          "period": "2026-08-06",
          "value": 3.146678757
        },
        {
          "period": "2026-08-07",
          "value": 3.1523384986
        },
        {
          "period": "2026-08-10",
          "value": 3.1993418585
        },
        {
          "period": "2026-08-11",
          "value": 3.1760932477
        },
        {
          "period": "2026-08-12",
          "value": 3.1654173208
        },
        {
          "period": "2026-08-13",
          "value": 3.155665028
        },
        {
          "period": "2026-08-14",
          "value": 3.2125620965
        },
        {
          "period": "2026-08-17",
          "value": 3.2423179071
        },
        {
          "period": "2026-08-18",
          "value": 3.2885961981
        },
        {
          "period": "2026-08-19",
          "value": 3.2782344774
        },
        {
          "period": "2026-08-20",
          "value": 3.279171221
        }
      ],
      "fullRange": {
        "from": "2004-09-06",
        "to": "2026-08-20",
        "count": 5613,
        "percentile": 72.9,
        "min": -0.8152153483803315,
        "max": 4.77633108527732
      }
    },
    {
      "id": "de-bund-yield-10y",
      "label": "German 10-year government yield",
      "value": 3.27,
      "unit": "percent",
      "asOf": "2026-08-21",
      "sourceNote": "Quelle: Deutsche Bundesbank. Derived values are the author's own calculation based on Bundesbank data.",
      "derivationNote": "Published level, shown as-is.",
      "history": [
        {
          "period": "2026-06-01",
          "value": 3.03
        },
        {
          "period": "2026-06-02",
          "value": 3.0
        },
        {
          "period": "2026-06-03",
          "value": 3.06
        },
        {
          "period": "2026-06-04",
          "value": 3.08
        },
        {
          "period": "2026-06-05",
          "value": 3.07
        },
        {
          "period": "2026-06-08",
          "value": 3.11
        },
        {
          "period": "2026-06-09",
          "value": 3.09
        },
        {
          "period": "2026-06-10",
          "value": 3.1
        },
        {
          "period": "2026-06-11",
          "value": 3.11
        },
        {
          "period": "2026-06-12",
          "value": 3.03
        },
        {
          "period": "2026-06-15",
          "value": 3.0
        },
        {
          "period": "2026-06-16",
          "value": 2.98
        },
        {
          "period": "2026-06-17",
          "value": 2.97
        },
        {
          "period": "2026-06-18",
          "value": 2.98
        },
        {
          "period": "2026-06-19",
          "value": 3.01
        },
        {
          "period": "2026-06-22",
          "value": 3.02
        },
        {
          "period": "2026-06-23",
          "value": 2.98
        },
        {
          "period": "2026-06-24",
          "value": 2.95
        },
        {
          "period": "2026-06-25",
          "value": 2.92
        },
        {
          "period": "2026-06-26",
          "value": 2.9
        },
        {
          "period": "2026-06-29",
          "value": 2.91
        },
        {
          "period": "2026-06-30",
          "value": 2.9
        },
        {
          "period": "2026-07-01",
          "value": 2.93
        },
        {
          "period": "2026-07-02",
          "value": 2.97
        },
        {
          "period": "2026-07-03",
          "value": 2.98
        },
        {
          "period": "2026-07-06",
          "value": 2.98
        },
        {
          "period": "2026-07-07",
          "value": 3.03
        },
        {
          "period": "2026-07-08",
          "value": 3.12
        },
        {
          "period": "2026-07-09",
          "value": 3.13
        },
        {
          "period": "2026-07-10",
          "value": 3.09
        },
        {
          "period": "2026-07-13",
          "value": 3.11
        },
        {
          "period": "2026-07-14",
          "value": 3.14
        },
        {
          "period": "2026-07-15",
          "value": 3.15
        },
        {
          "period": "2026-07-16",
          "value": 3.17
        },
        {
          "period": "2026-07-17",
          "value": 3.15
        },
        {
          "period": "2026-07-20",
          "value": 3.16
        },
        {
          "period": "2026-07-21",
          "value": 3.17
        },
        {
          "period": "2026-07-22",
          "value": 3.19
        },
        {
          "period": "2026-07-23",
          "value": 3.22
        },
        {
          "period": "2026-07-24",
          "value": 3.21
        },
        {
          "period": "2026-07-27",
          "value": 3.16
        },
        {
          "period": "2026-07-28",
          "value": 3.14
        },
        {
          "period": "2026-07-29",
          "value": 3.15
        },
        {
          "period": "2026-07-30",
          "value": 3.2
        },
        {
          "period": "2026-07-31",
          "value": 3.18
        },
        {
          "period": "2026-08-03",
          "value": 3.17
        },
        {
          "period": "2026-08-04",
          "value": 3.19
        },
        {
          "period": "2026-08-05",
          "value": 3.12
        },
        {
          "period": "2026-08-06",
          "value": 3.14
        },
        {
          "period": "2026-08-07",
          "value": 3.17
        },
        {
          "period": "2026-08-10",
          "value": 3.16
        },
        {
          "period": "2026-08-11",
          "value": 3.22
        },
        {
          "period": "2026-08-12",
          "value": 3.18
        },
        {
          "period": "2026-08-13",
          "value": 3.17
        },
        {
          "period": "2026-08-14",
          "value": 3.18
        },
        {
          "period": "2026-08-17",
          "value": 3.23
        },
        {
          "period": "2026-08-18",
          "value": 3.28
        },
        {
          "period": "2026-08-19",
          "value": 3.29
        },
        {
          "period": "2026-08-20",
          "value": 3.28
        },
        {
          "period": "2026-08-21",
          "value": 3.27
        }
      ],
      "fullRange": {
        "from": "1997-08-07",
        "to": "2026-08-21",
        "count": 7371,
        "percentile": 57.3,
        "min": -0.85,
        "max": 5.79
      }
    },
    {
      "id": "equity-excess-yield-market",
      "label": "US equity excess yield vs TIPS",
      "value": 1.6774305080714897,
      "unit": "percent",
      "asOf": "2025-12",
      "sourceNote": "OECD (2026), Annual non-financial accounts by institutional sector (DSD_NASEC10@DF_TABLE14), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement. Market value via FRED, TIPS via FRED. This product uses the FRED\u00ae API but is not endorsed or certified by the Federal Reserve Bank of St. Louis. CPI deflator: Data developed by Robert J. Shiller, shillerdata.com.",
      "derivationNote": "Own calculation: the US whole-market earnings yield minus the 10-year TIPS real yield, monthly. The TIPS rate is that month's mean of daily values. Market-priced real rate, so it begins in 2003 when TIPS do, or later still if the whole-market earnings yield itself has not started yet. Input: US whole-market earnings yield 3.58% (2025-12) = 100 x (10-year trailing mean of real net corporate earnings) / (real market value of corporate equity). NOT CAPE: the universe is every US non-financial corporation rather than the S&P 500, and earnings are measured pre-tax rather than post-tax. The earnings side is annual national-accounts data published well in arrears, so this reading runs about a year behind the present by design.",
      "history": [
        {
          "period": "2021-01",
          "value": 4.968156965164551
        },
        {
          "period": "2021-02",
          "value": 4.911456241492553
        },
        {
          "period": "2021-03",
          "value": 4.681956467027551
        },
        {
          "period": "2021-04",
          "value": 4.511933865697593
        },
        {
          "period": "2021-05",
          "value": 4.674832473357823
        },
        {
          "period": "2021-06",
          "value": 4.6870319381508505
        },
        {
          "period": "2021-07",
          "value": 4.598255419760822
        },
        {
          "period": "2021-08",
          "value": 4.662077331349605
        },
        {
          "period": "2021-09",
          "value": 4.575914918096384
        },
        {
          "period": "2021-10",
          "value": 4.5866398466075955
        },
        {
          "period": "2021-11",
          "value": 4.708495929284563
        },
        {
          "period": "2021-12",
          "value": 4.656398567632777
        },
        {
          "period": "2022-01",
          "value": 4.288950222816603
        },
        {
          "period": "2022-02",
          "value": 4.160048272929872
        },
        {
          "period": "2022-03",
          "value": 4.403610191351373
        },
        {
          "period": "2022-04",
          "value": 4.060824038989529
        },
        {
          "period": "2022-05",
          "value": 3.758060109691723
        },
        {
          "period": "2022-06",
          "value": 3.4963686667950666
        },
        {
          "period": "2022-07",
          "value": 4.330684885110446
        },
        {
          "period": "2022-08",
          "value": 4.473395626916185
        },
        {
          "period": "2022-09",
          "value": 3.7367533585120896
        },
        {
          "period": "2022-10",
          "value": 3.544714473935419
        },
        {
          "period": "2022-11",
          "value": 3.609528276545198
        },
        {
          "period": "2022-12",
          "value": 3.757113488899588
        },
        {
          "period": "2023-01",
          "value": 3.840440246283907
        },
        {
          "period": "2023-02",
          "value": 3.7504461554421544
        },
        {
          "period": "2023-03",
          "value": 3.819829783572092
        },
        {
          "period": "2023-04",
          "value": 3.6291390788344344
        },
        {
          "period": "2023-05",
          "value": 3.474784581932142
        },
        {
          "period": "2023-06",
          "value": 3.302776639080041
        },
        {
          "period": "2023-07",
          "value": 2.9077635175768006
        },
        {
          "period": "2023-08",
          "value": 2.697854025682557
        },
        {
          "period": "2023-09",
          "value": 2.5047215171903856
        },
        {
          "period": "2023-10",
          "value": 2.3224626102369643
        },
        {
          "period": "2023-11",
          "value": 2.5262555326419753
        },
        {
          "period": "2023-12",
          "value": 2.8846336945470514
        },
        {
          "period": "2024-01",
          "value": 2.675092042821336
        },
        {
          "period": "2024-02",
          "value": 2.569646048769787
        },
        {
          "period": "2024-03",
          "value": 2.6267002046375905
        },
        {
          "period": "2024-04",
          "value": 2.0039534563334667
        },
        {
          "period": "2024-05",
          "value": 2.0076656535838944
        },
        {
          "period": "2024-06",
          "value": 2.107250092947705
        },
        {
          "period": "2024-07",
          "value": 2.0778704244095763
        },
        {
          "period": "2024-08",
          "value": 2.2943500810264936
        },
        {
          "period": "2024-09",
          "value": 2.445764673536073
        },
        {
          "period": "2024-10",
          "value": 2.0462051784466015
        },
        {
          "period": "2024-11",
          "value": 1.8189250720013912
        },
        {
          "period": "2024-12",
          "value": 1.7669347258077033
        },
        {
          "period": "2025-01",
          "value": 1.7000379352591741
        },
        {
          "period": "2025-02",
          "value": 1.9192169716742908
        },
        {
          "period": "2025-03",
          "value": 2.008735676790636
        },
        {
          "period": "2025-04",
          "value": 2.151557017799182
        },
        {
          "period": "2025-05",
          "value": 2.087926410689973
        },
        {
          "period": "2025-06",
          "value": 2.126216598804719
        },
        {
          "period": "2025-07",
          "value": 1.8302212119082886
        },
        {
          "period": "2025-08",
          "value": 1.9665722301043747
        },
        {
          "period": "2025-09",
          "value": 2.1101723859462727
        },
        {
          "period": "2025-10",
          "value": 1.83248385771294
        },
        {
          "period": "2025-11",
          "value": 1.74949414225256
        },
        {
          "period": "2025-12",
          "value": 1.6774305080714897
        }
      ],
      "fullRange": {
        "from": "2003-01",
        "to": "2025-12",
        "count": 276,
        "percentile": 0.4,
        "min": 1.6774305080714897,
        "max": 7.9918750778072285
      }
    },
    {
      "id": "equity-excess-yield-long",
      "label": "US equity excess yield, long-run",
      "value": 2.63517556777651,
      "unit": "percent",
      "asOf": "2025-12",
      "sourceNote": "OECD (2026), Annual non-financial accounts by institutional sector (DSD_NASEC10@DF_TABLE14), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement. Market value via FRED. This product uses the FRED\u00ae API but is not endorsed or certified by the Federal Reserve Bank of St. Louis. CPI deflator and long-run real rate: Data developed by Robert J. Shiller, shillerdata.com.",
      "derivationNote": "Own calculation: the US whole-market earnings yield minus the 10-year Treasury yield less trailing ten-year inflation -- Shiller's own real-rate construction, not priced by TIPS. Input: US whole-market earnings yield 3.58% (2025-12) = 100 x (10-year trailing mean of real net corporate earnings) / (real market value of corporate equity). NOT CAPE: the universe is every US non-financial corporation rather than the S&P 500, and earnings are measured pre-tax rather than post-tax. The earnings side is annual national-accounts data published well in arrears, so this reading runs about a year behind the present by design.",
      "history": [
        {
          "period": "2021-01",
          "value": 4.6235978216063565
        },
        {
          "period": "2021-02",
          "value": 4.470814148721473
        },
        {
          "period": "2021-03",
          "value": 4.12215933613903
        },
        {
          "period": "2021-04",
          "value": 3.8899089031590552
        },
        {
          "period": "2021-05",
          "value": 3.9738486358515
        },
        {
          "period": "2021-06",
          "value": 4.214481458149979
        },
        {
          "period": "2021-07",
          "value": 4.18016707033626
        },
        {
          "period": "2021-08",
          "value": 4.220550305103485
        },
        {
          "period": "2021-09",
          "value": 4.152496659273339
        },
        {
          "period": "2021-10",
          "value": 4.075666960147085
        },
        {
          "period": "2021-11",
          "value": 4.1721544480949895
        },
        {
          "period": "2021-12",
          "value": 4.32991648067437
        },
        {
          "period": "2022-01",
          "value": 4.020898670821052
        },
        {
          "period": "2022-02",
          "value": 3.931839101505644
        },
        {
          "period": "2022-03",
          "value": 3.8386457645662233
        },
        {
          "period": "2022-04",
          "value": 3.4841463751532764
        },
        {
          "period": "2022-05",
          "value": 3.501658925983288
        },
        {
          "period": "2022-06",
          "value": 3.4710534975125076
        },
        {
          "period": "2022-07",
          "value": 4.569178205771307
        },
        {
          "period": "2022-08",
          "value": 4.506892382352863
        },
        {
          "period": "2022-09",
          "value": 3.8737300982059106
        },
        {
          "period": "2022-10",
          "value": 3.7205258743187186
        },
        {
          "period": "2022-11",
          "value": 3.8436942561527068
        },
        {
          "period": "2022-12",
          "value": 4.094066575183103
        },
        {
          "period": "2023-01",
          "value": 4.256648758042262
        },
        {
          "period": "2023-02",
          "value": 4.038728340068299
        },
        {
          "period": "2023-03",
          "value": 4.152947761378861
        },
        {
          "period": "2023-04",
          "value": 4.057373264368954
        },
        {
          "period": "2023-05",
          "value": 3.9670819415376637
        },
        {
          "period": "2023-06",
          "value": 3.8111856357691245
        },
        {
          "period": "2023-07",
          "value": 3.3370822325650527
        },
        {
          "period": "2023-08",
          "value": 3.119201205028343
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          "value": 2.9340221720124875
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          "period": "2023-10",
          "value": 2.729230585153182
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          "period": "2023-11",
          "value": 3.0199712168878907
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          "period": "2023-12",
          "value": 3.4859445870184596
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          "period": "2024-01",
          "value": 3.2104819534713203
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        {
          "period": "2024-02",
          "value": 3.113624546247861
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          "period": "2024-03",
          "value": 3.1429251952648674
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          "period": "2024-04",
          "value": 2.444290815341228
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        {
          "period": "2024-05",
          "value": 2.4924059721414773
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          "value": 2.648151370481557
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        {
          "period": "2024-07",
          "value": 2.6188120579352683
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        {
          "period": "2024-08",
          "value": 3.0276678608513716
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        {
          "period": "2024-09",
          "value": 3.1929219454659115
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        {
          "period": "2024-10",
          "value": 2.644620643022321
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        {
          "period": "2024-11",
          "value": 2.432673503747881
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        {
          "period": "2024-12",
          "value": 2.466247588653216
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        {
          "period": "2025-01",
          "value": 2.41568425772195
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        {
          "period": "2025-02",
          "value": 2.614146852508392
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        {
          "period": "2025-03",
          "value": 2.754975221660581
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        {
          "period": "2025-04",
          "value": 3.0008222684819827
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        {
          "period": "2025-05",
          "value": 2.838671524497208
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          "period": "2025-06",
          "value": 2.8920254515961172
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          "period": "2025-07",
          "value": 2.522570070834054
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        {
          "period": "2025-08",
          "value": 2.707781409300485
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          "period": "2025-09",
          "value": 2.899840034650538
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        {
          "period": "2025-10",
          "value": 2.7076409522804235
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          "period": "2025-11",
          "value": 2.652772343717622
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        {
          "period": "2025-12",
          "value": 2.63517556777651
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      ],
      "fullRange": {
        "from": "1980-01",
        "to": "2025-12",
        "count": 552,
        "percentile": 8.2,
        "min": -0.09082415422490442,
        "max": 19.974064135650956
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    },
    {
      "id": "equity-drawdown",
      "label": "Share prices vs trailing 12-month high",
      "value": -0.6392748320794894,
      "unit": "percent",
      "asOf": "2026-05",
      "sourceNote": "OECD (2026), Financial market (DSD_STES@DF_FINMARK), https://sdmx.oecd.org. Downstream users must carry this acknowledgement.",
      "derivationNote": "Own equal-weight composite of OECD national share price indices, monthly. Not MSCI World and not 'the world stock market'. Monthly granularity cannot capture an intra-month drawdown: a fall and recovery inside one month leaves no trace here.",
      "history": [
        {
          "period": "2021-06",
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          "period": "2023-03",
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        {
          "period": "2023-05",
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        {
          "period": "2023-06",
          "value": -1.3481822358158368
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        {
          "period": "2023-07",
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        {
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          "period": "2023-10",
          "value": -6.154787123773997
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          "period": "2023-11",
          "value": -2.7049877715314197
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          "period": "2023-12",
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        {
          "period": "2024-01",
          "value": -0.028818008992426147
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        {
          "period": "2024-02",
          "value": 0.0
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        {
          "period": "2024-03",
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        {
          "period": "2024-04",
          "value": -0.5075289295645546
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          "period": "2024-05",
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        {
          "period": "2024-06",
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        {
          "period": "2024-07",
          "value": -1.2768824116261623
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          "value": -1.402187961753526
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        {
          "period": "2024-10",
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        {
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          "value": -2.1181951886782793
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        {
          "period": "2024-12",
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          "value": -0.8003016821521547
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        {
          "period": "2025-02",
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        {
          "period": "2025-03",
          "value": -1.5235250544639145
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        {
          "period": "2025-04",
          "value": -7.396330219384134
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        {
          "period": "2025-05",
          "value": -1.1684911832634037
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        {
          "period": "2025-06",
          "value": -0.0714328538581499
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        {
          "period": "2025-07",
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        {
          "period": "2025-08",
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        {
          "period": "2025-09",
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        {
          "period": "2025-10",
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        {
          "period": "2025-11",
          "value": -0.3810151879620416
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        {
          "period": "2025-12",
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        {
          "period": "2026-01",
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        },
        {
          "period": "2026-02",
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        {
          "period": "2026-03",
          "value": -4.855810245704994
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        {
          "period": "2026-04",
          "value": -2.0755218621740013
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        {
          "period": "2026-05",
          "value": -0.6392748320794894
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      ],
      "fullRange": {
        "from": "1957-01",
        "to": "2026-05",
        "count": 833,
        "percentile": 63.4,
        "min": -49.706845291196885,
        "max": 0.0
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    }
  ],
  "series": [
    {
      "id": "us-industrial-production",
      "label": "US industrial production",
      "region": "US",
      "role": "growth",
      "status": "fresh",
      "lastObservation": "2026-07",
      "source": "fred",
      "attribution": "Federal Reserve Board via FRED. This product uses the FRED\u00ae API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.",
      "derivationNote": "Own calculation: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "us-nonfarm-payrolls",
      "label": "US nonfarm payrolls",
      "region": "US",
      "role": "growth",
      "status": "fresh",
      "lastObservation": "2026-07",
      "source": "fred",
      "attribution": "U.S. Bureau of Labor Statistics via FRED. This product uses the FRED\u00ae API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.",
      "derivationNote": "Own calculation: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "us-initial-claims",
      "label": "US initial jobless claims",
      "region": "US",
      "role": "growth",
      "status": "fresh",
      "lastObservation": "2026-08-15",
      "source": "fred",
      "attribution": "U.S. Employment and Training Administration via FRED. This product uses the FRED\u00ae API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.",
      "derivationNote": "Own calculation: year-over-year percent change, sign inverted, z-scored against its own history."
    },
    {
      "id": "us-retail-sales",
      "label": "US retail sales",
      "region": "US",
      "role": "growth",
      "status": "fresh",
      "lastObservation": "2026-07",
      "source": "fred",
      "attribution": "U.S. Census Bureau via FRED. This product uses the FRED\u00ae API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.",
      "derivationNote": "Own calculation: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "ea-industrial-production",
      "label": "Euro-area industrial production",
      "region": "EA",
      "role": "growth",
      "status": "fresh",
      "lastObservation": "2026-06",
      "source": "eurostat",
      "attribution": "Source: Eurostat (sts_inpr_m). Eurostat is not responsible for this derived calculation.",
      "derivationNote": "Modified by the author: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "ea-unemployment",
      "label": "Euro-area unemployment rate",
      "region": "EA",
      "role": "growth",
      "status": "fresh",
      "lastObservation": "2026-06",
      "source": "eurostat",
      "attribution": "Source: Eurostat (une_rt_m). Eurostat is not responsible for this derived calculation.",
      "derivationNote": "Modified by the author: 12-month change in percentage points, sign inverted, z-scored against its own history."
    },
    {
      "id": "ea-retail-trade",
      "label": "Euro-area retail trade",
      "region": "EA",
      "role": "growth",
      "status": "fresh",
      "lastObservation": "2026-06",
      "source": "eurostat",
      "attribution": "Source: Eurostat (sts_trtu_m). Eurostat is not responsible for this derived calculation.",
      "derivationNote": "Modified by the author: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "jp-industrial-production",
      "label": "Japan industrial production",
      "region": "JP",
      "role": "growth",
      "status": "fresh",
      "lastObservation": "2026-04",
      "source": "oecd",
      "attribution": "OECD (2026), Key short-term economic indicators (DSD_KEI@DF_KEI), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement.",
      "derivationNote": "Own calculation: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "jp-unemployment",
      "label": "Japan unemployment rate",
      "region": "JP",
      "role": "growth",
      "status": "fresh",
      "lastObservation": "2026-05",
      "source": "oecd",
      "attribution": "OECD (2026), Key short-term economic indicators (DSD_KEI@DF_KEI), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement.",
      "derivationNote": "Own calculation: 12-month change in percentage points, sign inverted, z-scored against its own history."
    },
    {
      "id": "jp-retail-trade",
      "label": "Japan retail trade",
      "region": "JP",
      "role": "growth",
      "status": "fresh",
      "lastObservation": "2026-04",
      "source": "oecd",
      "attribution": "OECD (2026), Key short-term economic indicators (DSD_KEI@DF_KEI), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement.",
      "derivationNote": "Own calculation: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "kr-industrial-production",
      "label": "Korea industrial production",
      "region": "KR",
      "role": "growth",
      "status": "fresh",
      "lastObservation": "2026-04",
      "source": "oecd",
      "attribution": "OECD (2026), Key short-term economic indicators (DSD_KEI@DF_KEI), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement.",
      "derivationNote": "Own calculation: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "kr-unemployment",
      "label": "Korea unemployment rate",
      "region": "KR",
      "role": "growth",
      "status": "fresh",
      "lastObservation": "2026-06",
      "source": "oecd",
      "attribution": "OECD (2026), Key short-term economic indicators (DSD_KEI@DF_KEI), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement.",
      "derivationNote": "Own calculation: 12-month change in percentage points, sign inverted, z-scored against its own history."
    },
    {
      "id": "kr-retail-trade",
      "label": "Korea retail trade",
      "region": "KR",
      "role": "growth",
      "status": "fresh",
      "lastObservation": "2026-04",
      "source": "oecd",
      "attribution": "OECD (2026), Key short-term economic indicators (DSD_KEI@DF_KEI), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement.",
      "derivationNote": "Own calculation: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "us-cpi-headline",
      "label": "US CPI, all items",
      "region": "US",
      "role": "inflation",
      "status": "fresh",
      "lastObservation": "2026-07",
      "source": "fred",
      "attribution": "U.S. Bureau of Labor Statistics via FRED. This product uses the FRED\u00ae API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.",
      "derivationNote": "Own calculation: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "us-cpi-core",
      "label": "US CPI, ex food & energy",
      "region": "US",
      "role": "inflation",
      "status": "fresh",
      "lastObservation": "2026-07",
      "source": "fred",
      "attribution": "U.S. Bureau of Labor Statistics via FRED. This product uses the FRED\u00ae API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.",
      "derivationNote": "Own calculation: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "ea-hicp-headline",
      "label": "Euro-area HICP, all items",
      "region": "EA",
      "role": "inflation",
      "status": "fresh",
      "lastObservation": "2026-07",
      "source": "eurostat",
      "attribution": "Source: Eurostat (prc_hicp_minr). Eurostat is not responsible for this derived calculation.",
      "derivationNote": "Modified by the author: 12-month change in the annual rate, z-scored against its own history."
    },
    {
      "id": "ea-hicp-core",
      "label": "Euro-area HICP, ex energy & food",
      "region": "EA",
      "role": "inflation",
      "status": "fresh",
      "lastObservation": "2026-07",
      "source": "eurostat",
      "attribution": "Source: Eurostat (prc_hicp_minr). Eurostat is not responsible for this derived calculation.",
      "derivationNote": "Modified by the author: 12-month change in the annual rate, z-scored against its own history."
    },
    {
      "id": "cn-cpi-headline",
      "label": "China consumer prices, all items",
      "region": "CN",
      "role": "inflation",
      "status": "fresh",
      "lastObservation": "2026-05",
      "source": "oecd",
      "attribution": "OECD (2026), Key short-term economic indicators (DSD_KEI@DF_KEI), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement.",
      "derivationNote": "Own calculation: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "kr-cpi-headline",
      "label": "Korea consumer prices, all items",
      "region": "KR",
      "role": "inflation",
      "status": "fresh",
      "lastObservation": "2026-06",
      "source": "oecd",
      "attribution": "OECD (2026), Key short-term economic indicators (DSD_KEI@DF_KEI), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement.",
      "derivationNote": "Own calculation: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "jp-cpi-headline",
      "label": "Japan consumer prices, all items",
      "region": "JP",
      "role": "inflation",
      "status": "fresh",
      "lastObservation": "2026-05",
      "source": "oecd",
      "attribution": "OECD (2026), Consumer price indices (DSD_PRICES_COICOP2018@DF_PRICES_C2018_ALL), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement.",
      "derivationNote": "Own calculation: year-over-year percent change, z-scored against its own history."
    },
    {
      "id": "us-breakeven-10y",
      "label": "US 10-year inflation breakeven",
      "region": "US",
      "role": "gauge",
      "status": "fresh",
      "lastObservation": "2026-08-21",
      "source": "fred",
      "attribution": "Federal Reserve Bank of St. Louis via FRED. This product uses the FRED\u00ae API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.",
      "derivationNote": "Published level, shown as-is. The ten-year inflation rate priced by the market, and one half of the real-rate trigger."
    },
    {
      "id": "us-real-rate-10y",
      "label": "US 10-year real rate (TIPS)",
      "region": "US",
      "role": "gauge",
      "status": "fresh",
      "lastObservation": "2026-08-20",
      "source": "fred",
      "attribution": "U.S. Treasury via FRED. This product uses the FRED\u00ae API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.",
      "derivationNote": "Published level, shown as-is."
    },
    {
      "id": "us-financial-conditions",
      "label": "US credit conditions (Chicago Fed NFCI, credit subindex)",
      "region": "US",
      "role": "gauge",
      "status": "fresh",
      "lastObservation": "2026-08-14",
      "source": "fred",
      "attribution": "Federal Reserve Bank of Chicago via FRED. This product uses the FRED\u00ae API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.",
      "derivationNote": "Published level, shown as-is. Replaces high-yield spreads, which may not legally be republished."
    },
    {
      "id": "ea-policy-rate",
      "label": "ECB deposit facility rate",
      "region": "EA",
      "role": "gauge",
      "status": "fresh",
      "lastObservation": "2026-08-22",
      "source": "ecb",
      "attribution": "Source: European Central Bank.",
      "derivationNote": "Published level, shown as-is."
    },
    {
      "id": "ea-govt-yield-10y",
      "label": "Euro-area 10-year AAA government yield",
      "region": "EA",
      "role": "gauge",
      "status": "fresh",
      "lastObservation": "2026-08-20",
      "source": "ecb",
      "attribution": "Source: European Central Bank.",
      "derivationNote": "Published level, shown as-is."
    },
    {
      "id": "de-bund-yield-10y",
      "label": "German 10-year government yield",
      "region": "EA",
      "role": "gauge",
      "status": "fresh",
      "lastObservation": "2026-08-21",
      "source": "bundesbank",
      "attribution": "Quelle: Deutsche Bundesbank. Derived values are the author's own calculation based on Bundesbank data.",
      "derivationNote": "Published level, shown as-is."
    },
    {
      "id": "oecd-share-prices-us",
      "label": "US share price index (OECD)",
      "region": "US",
      "role": "gauge",
      "status": "fresh",
      "lastObservation": "2026-05",
      "source": "oecd",
      "attribution": "OECD (2026), Financial market (DSD_STES@DF_FINMARK), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement.",
      "derivationNote": "Own composite: equal-weight with the euro-area index, expressed as drawdown from the trailing 12-month maximum. Not MSCI World; not 'the world stock market'."
    },
    {
      "id": "oecd-share-prices-ea",
      "label": "Euro-area share price index (OECD)",
      "region": "EA",
      "role": "gauge",
      "status": "fresh",
      "lastObservation": "2026-05",
      "source": "oecd",
      "attribution": "OECD (2026), Financial market (DSD_STES@DF_FINMARK), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement.",
      "derivationNote": "Own composite: equal-weight with the US index, expressed as drawdown from the trailing 12-month maximum. Not MSCI World; not 'the world stock market'."
    },
    {
      "id": "us-shiller-cape",
      "label": "US cyclically adjusted P/E (Shiller CAPE)",
      "region": "US",
      "role": "input",
      "status": "fresh",
      "lastObservation": "2026-07",
      "source": "shiller",
      "attribution": "Data developed by Robert J. Shiller, shillerdata.com.",
      "derivationNote": "Published level. Fed the two valuation gauges until they moved onto the whole-market earnings yield; now feeds neither. Kept fetched and published so the staleness alarm still covers Shiller's file."
    },
    {
      "id": "us-shiller-long-rate",
      "label": "US 10-year Treasury yield (Shiller series)",
      "region": "US",
      "role": "input",
      "status": "fresh",
      "lastObservation": "2026-07",
      "source": "shiller",
      "attribution": "Data developed by Robert J. Shiller, shillerdata.com.",
      "derivationNote": "Published level, used as an input to the valuation gauges."
    },
    {
      "id": "us-shiller-cpi",
      "label": "US consumer price index (Shiller series, 1871\u2013)",
      "region": "US",
      "role": "input",
      "status": "fresh",
      "lastObservation": "2026-07",
      "source": "shiller",
      "attribution": "Data developed by Robert J. Shiller, shillerdata.com.",
      "derivationNote": "Published level, used as an input to the valuation gauges."
    },
    {
      "id": "us-corp-entrepreneurial-income",
      "label": "US non-financial corporate entrepreneurial income, gross",
      "region": "US",
      "role": "input",
      "status": "fresh",
      "lastObservation": "2024",
      "source": "oecd",
      "attribution": "OECD (2026), Annual non-financial accounts by institutional sector (DSD_NASEC10@DF_TABLE14), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement.",
      "derivationNote": "Published level, used as an input to the whole-market earnings yield."
    },
    {
      "id": "us-corp-capital-consumption",
      "label": "US non-financial corporate consumption of fixed capital",
      "region": "US",
      "role": "input",
      "status": "fresh",
      "lastObservation": "2024",
      "source": "oecd",
      "attribution": "OECD (2026), Annual non-financial accounts by institutional sector (DSD_NASEC10@DF_TABLE14), https://sdmx.oecd.org (accessed at build time). Downstream users must carry this acknowledgement.",
      "derivationNote": "Published level, used as an input to the whole-market earnings yield."
    },
    {
      "id": "us-corp-equity-market-value",
      "label": "US non-financial corporate equity, market value",
      "region": "US",
      "role": "input",
      "status": "fresh",
      "lastObservation": "2026-Q1",
      "source": "fred",
      "attribution": "Board of Governors of the Federal Reserve System (US) via FRED. This product uses the FRED\u00ae API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.",
      "derivationNote": "Published level, used as an input to the whole-market earnings yield."
    }
  ],
  "staleSeriesCount": 0,
  "method": {
    "chain": "raw level \u2192 year-over-year change \u2192 z-score against an EMA-weighted baseline of the series' own past \u2192 composite weighted by each economy's GDP share, stepped era by era, with a region's own indicators counting equally among themselves",
    "halfLifeYears": 10.0,
    "minHistoryYears": 8.0,
    "pointInTime": true,
    "vintageCaveat": "Computed from the latest published vintage. Macro series are revised, so historical points differ from what was knowable at the time."
  },
  "notices": [
    "This page is a diagnostic instrument, not advice. It describes where the economy appears to be, from public data; it does not forecast markets, and it is not investment advice. I am not a licensed investment adviser.",
    "This product uses the FRED\u00ae API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.",
    "Eurostat data has been modified by the author; Eurostat is not responsible for any derived calculation shown here.",
    "OECD (2026), Key short-term economic indicators; Consumer price indices; Financial market; Annual non-financial accounts by institutional sector, https://sdmx.oecd.org. Downstream users must carry this acknowledgement.",
    "Euro-area policy and yield data: Source: European Central Bank.",
    "Quelle: Deutsche Bundesbank. Derived values are the author's own calculation based on Bundesbank data.",
    "Inflation deflator and the long-run real rate: data developed by Robert J. Shiller, shillerdata.com."
  ]
}