INTERPRETED / Seiche / reviewed plain English
The percentage-style alarm is huge. The actual overnight amount is $100 million, and the tiny starting point is doing most of the shouting.
THE SPECIALIST SAYS
The board reads 45 out of 100, EROSION; the dated reserve path contributes 11.0 points; the pooled five-business-day event read is 6.1%; plumbing leads market pricing by +31 percentile points. The index is +0.0 against the last published letter.
IN PLAIN ENGLISH
This wording has a reviewed consumer-language record.
Big statistical labels can make small dollar moves look dramatic. Reading both keeps a routine signal from becoming a false siren.
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.
The composite is a Seiche derivation, not an observed market price.