INTERPRETED / Seiche / source-grounded explanation
Japan uncollateralized call rate (OECD MEI, monthly) moved overnight: the erosion tape gets a data point
Seiche's funding composite is 44, classified EROSION. Its internal plumbing-versus-price gap, called the Tell, is +22.
THE SPECIALIST SAYS
Japan uncollateralized call rate (OECD MEI, monthly) moved overnight: the erosion tape gets a data point
The composite reads 44, regime EROSION. The Tell reads +22. Every number below is checkable on the board.
IN PLAIN ENGLISH
Seiche's funding composite is 44, classified EROSION. Its internal plumbing-versus-price gap, called the Tell, is +22.
This fallback stays inside the source summary; the mental model below explains the mechanism without adding a market claim.
01 / COMPARISON
What changed
The composite is 44; this record does not state a comparable daily move. The source reports a +22 plumbing-versus-price gap.
02 / MECHANISM
Why this matters
The source’s +22 Tell records its plumbing-versus-price gap alongside a 44 EROSION composite. Reading both prevents the regime label from hiding internal disagreement; neither field is an observed market price or a transaction recommendation.
03 / NEXT TEST
What to check next
Compare the next published letter’s composite, regime, plumbing-versus-price gap, dated reserve contribution, and event reading. A changed combination—not one isolated number—would alter this interpretation.
04 / BOUNDARY
Where the reading stops
Published before the structured analytical-story contract.