INTERPRETED / Seiche / source-grounded explanation
The board reads STRAIN. VIX at 16, credit spreads near their tightest on record. The pipes and the price screens disagree — and extreme value theory says the disagreement has no ceiling.
THE SPECIALIST SAYS
The board reads STRAIN. VIX at 16, credit spreads near their tightest on record. The pipes and the price screens disagree — and extreme value theory says the disagreement has no ceiling.
IN PLAIN ENGLISH
This fallback stays inside the source summary; the mental model below explains the mechanism without adding a market claim.
evidence-backed desk finding
Picture the market funding system as plumbing. Seiche watches pressure, buffers, and dates when several pipes may tighten together. A stress label describes that system; it does not predict a crash.
Published before the structured analytical-story contract.