INTERPRETED / Seiche / source-grounded explanation
Seiche's funding score is 46 out of 100, in its STRAIN regime, and is 1.8 points lower than in the previous letter. Its plumbing measures lead its market-price screens by +35 percentile points. The dated reserve path adds 11.0 points, and the five-business-day event reading is 6.3%.
THE SPECIALIST SAYS
The board reads 46 out of 100, STRAIN; the dated reserve path contributes 11.0 points; the pooled five-business-day event read is 6.3%; plumbing leads market pricing by +35 percentile points. The index is -1.8 against the last published letter.
IN PLAIN ENGLISH
This fallback stays inside the source summary; the mental model below explains the mechanism without adding a market claim.
It identifies what changed over time. It shows where the source's signals disagree. It names a dated check that can be revisited.
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.