{"id": "fed_holdings_4q_growth", "framework": "trapdoors", "framework_title": "Three Trap Doors", "title": "Fed holdings, four-quarter growth (the 6 % line)", "kind": "level", "direction": "tracking", "unit": "pct", "display": {"decimals": 1, "suffix": " %", "format": null, "signed": true}, "state": "tracking", "previous_state": "unknown", "state_changed_on": "2026-09-16", "as_of": "2026-09-16", "value": "2.602616", "value_display": "+2.6 %", "delta_value": "1.289661", "delta_display": "+1.3 %", "delta_period": "1q", "threshold_hit": null, "thresholds": [], "what_moved": "Securities held outright are +2.6 % over four quarters (+1.3 % over the quarter); his Response line is 6 %.", "provenance": {"value_source": {"series": "fed_holdings_4q_growth", "date": "2026-09-16", "value": "2.602616", "url": "derived:pct_change(fed_securities_outright, 52)", "snapshot": null, "fetched_at": null, "vintage": "derived"}, "transform": "pct_change(fed_securities_outright, 52)", "inputs": {"fed_securities_outright": {"series": "fed_securities_outright", "date": "2026-09-16", "value": "6470320.000000", "url": "https://www.federalreserve.gov/releases/h41/20260917/", "snapshot": "sha256:4416b07c4454b52acd76d37f7ec3e3f40336604a108958d737fa69e488d437ee", "fetched_at": "2026-09-22T14:56:00", "vintage": "2026-09-22T145600.716782:4416b07c4454"}}, "explainer": {"title": "The Informationist Institutional, No. 1 — The Global Bond Bar Tab", "date": "2026-09-20", "url": "https://www.jameslavish.com/", "note": "quarterly letter for professional allocators; members-only PDF, no public permalink"}}, "extras": {"nearest_threshold": null, "delta_from": "2026-06-17", "stale": false}, "explainer": {"title": "The Informationist Institutional, No. 1 — The Global Bond Bar Tab", "date": "2026-09-20", "url": "https://www.jameslavish.com/", "note": "quarterly letter for professional allocators; members-only PDF, no public permalink"}, "references": [{"label": "his Response line", "value": 6.0, 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