{
  "assets": {
    "spx": {
      "en_active_features": 1,
      "en_total_features": 20,
      "xgb_top_feature": "us_cpi_yoy",
      "en_top_feature": "all_zero",
      "latest_explanation": {
        "asset": "spx",
        "actual_return": -0.043516,
        "elastic_net": {
          "prediction": 0.006114,
          "error": 0.04963,
          "top_drivers": [
            {
              "feature": "us2y_yield",
              "shap_value": 0.0,
              "direction": "bearish"
            },
            {
              "feature": "us10y_yield",
              "shap_value": 0.0,
              "direction": "bearish"
            },
            {
              "feature": "yield_spread",
              "shap_value": 0.0,
              "direction": "bearish"
            },
            {
              "feature": "us_cpi_yoy",
              "shap_value": -0.0,
              "direction": "bearish"
            },
            {
              "feature": "high_yield_spread",
              "shap_value": -0.0,
              "direction": "bearish"
            }
          ]
        },
        "xgboost": {
          "prediction": -0.013752,
          "error": 0.029763,
          "top_drivers": [
            {
              "feature": "gold_return",
              "shap_value": -0.014611,
              "direction": "bearish"
            },
            {
              "feature": "high_yield_spread",
              "shap_value": -0.004969,
              "direction": "bearish"
            },
            {
              "feature": "us10y_yield",
              "shap_value": -0.004278,
              "direction": "bearish"
            },
            {
              "feature": "vix_level",
              "shap_value": 0.003747,
              "direction": "bullish"
            },
            {
              "feature": "us_cpi_yoy",
              "shap_value": 0.003646,
              "direction": "bullish"
            }
          ]
        },
        "raw_feature_snapshot": {
          "us2y_yield": 3.38,
          "us10y_yield": 3.97,
          "yield_spread": 0.59,
          "us_cpi_yoy": 0.02434,
          "high_yield_spread": 3.12,
          "vix_level": 19.86,
          "spx_vol_3m": 0.011268,
          "eurusd_return": -0.003169,
          "gbpusd_return": -0.015183,
          "spx_return": -0.008706,
          "ndx_return": -0.023455,
          "gold_return": 0.082319,
          "ecb_level": 2025.0,
          "ecb_yoy": 0.000494,
          "regime_confidence": 0.840939,
          "regime_label": "credit_stress"
        }
      }
    },
    "ndx": {
      "en_active_features": 2,
      "en_total_features": 20,
      "xgb_top_feature": "us_cpi_yoy",
      "en_top_feature": "us_cpi_yoy",
      "latest_explanation": {
        "asset": "ndx",
        "actual_return": -0.037847,
        "elastic_net": {
          "prediction": 0.009971,
          "error": 0.047819,
          "top_drivers": [
            {
              "feature": "us_cpi_yoy",
              "shap_value": 0.000353,
              "direction": "bullish"
            },
            {
              "feature": "us2y_yield",
              "shap_value": 0.0,
              "direction": "bearish"
            },
            {
              "feature": "us10y_yield",
              "shap_value": 0.0,
              "direction": "bearish"
            },
            {
              "feature": "yield_spread",
              "shap_value": 0.0,
              "direction": "bearish"
            },
            {
              "feature": "high_yield_spread",
              "shap_value": -0.0,
              "direction": "bearish"
            }
          ]
        },
        "xgboost": {
          "prediction": 0.017636,
          "error": 0.055483,
          "top_drivers": [
            {
              "feature": "regime_confidence",
              "shap_value": 0.01238,
              "direction": "bullish"
            },
            {
              "feature": "high_yield_spread",
              "shap_value": -0.009677,
              "direction": "bearish"
            },
            {
              "feature": "ndx_return",
              "shap_value": 0.007558,
              "direction": "bullish"
            },
            {
              "feature": "us2y_yield",
              "shap_value": -0.007308,
              "direction": "bearish"
            },
            {
              "feature": "vix_level",
              "shap_value": 0.006054,
              "direction": "bullish"
            }
          ]
        },
        "raw_feature_snapshot": {
          "us2y_yield": 3.38,
          "us10y_yield": 3.97,
          "yield_spread": 0.59,
          "us_cpi_yoy": 0.02434,
          "high_yield_spread": 3.12,
          "vix_level": 19.86,
          "spx_vol_3m": 0.011268,
          "eurusd_return": -0.003169,
          "gbpusd_return": -0.015183,
          "spx_return": -0.008706,
          "ndx_return": -0.023455,
          "gold_return": 0.082319,
          "ecb_level": 2025.0,
          "ecb_yoy": 0.000494,
          "regime_confidence": 0.840939,
          "regime_label": "credit_stress"
        }
      }
    },
    "gold": {
      "en_active_features": 1,
      "en_total_features": 20,
      "xgb_top_feature": "us_cpi_yoy",
      "en_top_feature": "all_zero",
      "latest_explanation": {
        "asset": "gold",
        "actual_return": -0.177587,
        "elastic_net": {
          "prediction": 0.006991,
          "error": 0.184577,
          "top_drivers": [
            {
              "feature": "us2y_yield",
              "shap_value": 0.0,
              "direction": "bearish"
            },
            {
              "feature": "us10y_yield",
              "shap_value": 0.0,
              "direction": "bearish"
            },
            {
              "feature": "yield_spread",
              "shap_value": 0.0,
              "direction": "bearish"
            },
            {
              "feature": "us_cpi_yoy",
              "shap_value": -0.0,
              "direction": "bearish"
            },
            {
              "feature": "high_yield_spread",
              "shap_value": -0.0,
              "direction": "bearish"
            }
          ]
        },
        "xgboost": {
          "prediction": 0.019299,
          "error": 0.196886,
          "top_drivers": [
            {
              "feature": "eurusd_return",
              "shap_value": 0.0134,
              "direction": "bullish"
            },
            {
              "feature": "high_yield_spread",
              "shap_value": -0.013169,
              "direction": "bearish"
            },
            {
              "feature": "us10y_yield",
              "shap_value": 0.005232,
              "direction": "bullish"
            },
            {
              "feature": "spx_vol_3m",
              "shap_value": -0.005168,
              "direction": "bearish"
            },
            {
              "feature": "gbpusd_return",
              "shap_value": 0.004822,
              "direction": "bullish"
            }
          ]
        },
        "raw_feature_snapshot": {
          "us2y_yield": 3.38,
          "us10y_yield": 3.97,
          "yield_spread": 0.59,
          "us_cpi_yoy": 0.02434,
          "high_yield_spread": 3.12,
          "vix_level": 19.86,
          "spx_vol_3m": 0.011268,
          "eurusd_return": -0.003169,
          "gbpusd_return": -0.015183,
          "spx_return": -0.008706,
          "ndx_return": -0.023455,
          "gold_return": 0.082319,
          "ecb_level": 2025.0,
          "ecb_yoy": 0.000494,
          "regime_confidence": 0.840939,
          "regime_label": "credit_stress"
        }
      }
    },
    "btc": {
      "en_active_features": 1,
      "en_total_features": 20,
      "xgb_top_feature": "us10y_yield",
      "en_top_feature": "all_zero",
      "latest_explanation": {
        "asset": "btc",
        "actual_return": 0.045561,
        "elastic_net": {
          "prediction": 0.107783,
          "error": 0.062221,
          "top_drivers": [
            {
              "feature": "us2y_yield",
              "shap_value": 0.0,
              "direction": "bearish"
            },
            {
              "feature": "us10y_yield",
              "shap_value": 0.0,
              "direction": "bearish"
            },
            {
              "feature": "yield_spread",
              "shap_value": 0.0,
              "direction": "bearish"
            },
            {
              "feature": "us_cpi_yoy",
              "shap_value": -0.0,
              "direction": "bearish"
            },
            {
              "feature": "high_yield_spread",
              "shap_value": -0.0,
              "direction": "bearish"
            }
          ]
        },
        "xgboost": {
          "prediction": 0.246855,
          "error": 0.201294,
          "top_drivers": [
            {
              "feature": "us10y_yield",
              "shap_value": 0.326271,
              "direction": "bullish"
            },
            {
              "feature": "gold_return",
              "shap_value": -0.069151,
              "direction": "bearish"
            },
            {
              "feature": "eurusd_return",
              "shap_value": -0.066616,
              "direction": "bearish"
            },
            {
              "feature": "vix_level",
              "shap_value": -0.046455,
              "direction": "bearish"
            },
            {
              "feature": "us_cpi_yoy",
              "shap_value": 0.022658,
              "direction": "bullish"
            }
          ]
        },
        "raw_feature_snapshot": {
          "us2y_yield": 3.38,
          "us10y_yield": 3.97,
          "yield_spread": 0.59,
          "us_cpi_yoy": 0.02434,
          "high_yield_spread": 3.12,
          "vix_level": 19.86,
          "spx_vol_3m": 0.011268,
          "eurusd_return": -0.003169,
          "gbpusd_return": -0.015183,
          "spx_return": -0.008706,
          "ndx_return": -0.023455,
          "gold_return": 0.082319,
          "ecb_level": 2025.0,
          "ecb_yoy": 0.000494,
          "regime_confidence": 0.840939,
          "regime_label": "credit_stress"
        }
      }
    }
  },
  "cross_asset_summary": {
    "top5_universal_drivers": [
      {
        "feature": "us10y_yield",
        "avg_xgb_shap_across_assets": 0.04483575
      },
      {
        "feature": "regime_confidence",
        "avg_xgb_shap_across_assets": 0.022498749999999998
      },
      {
        "feature": "us_cpi_yoy",
        "avg_xgb_shap_across_assets": 0.017874
      },
      {
        "feature": "eurusd_return",
        "avg_xgb_shap_across_assets": 0.01632275
      },
      {
        "feature": "spx_return",
        "avg_xgb_shap_across_assets": 0.0159295
      }
    ],
    "note": "Average XGBoost SHAP importance across SPX, NDX, Gold"
  }
}