Cross-asset risk regime

Latest daily Risk-On/Off regime score, smoothed 70/30 (70% of the new raw score plus 30% of the previous day's smoothed score) and published UNSCALED (it typically sits within about +-0.75): the label is assigned after multiplying by regime_scale, so compare the score with bucket_edges_in_score_space, not with +-0.5 / +-1.5. With the four factor sub-scores (growth, liquidity, risk-appetite, volatility), the per-indicator z-scores, conviction, and an interpretation string: LLM-written prose over the deterministic numbers, with indicator direction words fixed from each z-score's sign and vetoed when they contradict it (a rule-based template replaces a rejected draft). Quote the numbers, not the prose. as_of is the compute timestamp; data_as_of is the trading date the score is for.

A z_scores entry is null when that indicator was not available for the run: it is EXCLUDED from its factor mean, so null means no reading, never a 0.000 reading. z_asof gives the SOURCE observation date behind each z. Cadences differ (ISM monthly, WALCL/ICSA/NFCI weekly, the rest daily), so a z only moved if its z_asof moved with it.

regime is classified on the score AFTER multiplying by the fixed dispersion constant regime_scale; risk_score_smoothed is published UNSCALED. To draw regime bands against the published score use bucket_edges_in_score_space, not the raw ±0.5/±1.5 edges.