{
  "$schema": "https://json-schema.org/draft/2020-12/schema",
  "title": "rates",
  "type": "object",
  "required": ["published_at", "curve", "spreads", "breakevens", "credit", "dollar", "gdpnow",
               "auto_loan_60m", "liquidity", "mortgage", "history"],
  "additionalProperties": false,
  "properties": {
    "published_at": {"type": "string"},
    "curve": {
      "type": "array",
      "items": {
        "type": "object",
        "required": ["code", "label", "years", "value", "as_of", "chg_1d_pp", "chg_30d_pp",
                     "chg_1y_pp", "value_30d_ago", "value_1y_ago"],
        "additionalProperties": false,
        "properties": {
          "code": {"type": "string"},
          "label": {"type": "string"},
          "years": {"type": "number"},
          "value": {"$ref": "#/$defs/num"},
          "as_of": {"$ref": "#/$defs/day"},
          "chg_1d_pp": {"$ref": "#/$defs/num"},
          "chg_30d_pp": {"$ref": "#/$defs/num"},
          "chg_1y_pp": {"$ref": "#/$defs/num"},
          "value_30d_ago": {"$ref": "#/$defs/num"},
          "value_1y_ago": {"$ref": "#/$defs/num"}
        }
      }
    },
    "spreads": {
      "type": "object",
      "required": ["s2s10s", "s3m10y", "real_10y"],
      "additionalProperties": false,
      "properties": {
        "s2s10s": {"$ref": "#/$defs/spread"},
        "s3m10y": {"$ref": "#/$defs/spread"},
        "real_10y": {"$ref": "#/$defs/spread"}
      }
    },
    "breakevens": {
      "type": "object",
      "required": ["t5yie", "t10yie"],
      "additionalProperties": false,
      "properties": {"t5yie": {"$ref": "#/$defs/level"}, "t10yie": {"$ref": "#/$defs/level"}}
    },
    "credit": {
      "type": "object",
      "required": ["hy_oas"],
      "additionalProperties": false,
      "properties": {"hy_oas": {"$ref": "#/$defs/level"}}
    },
    "dollar": {"$ref": "#/$defs/level"},
    "gdpnow": {"$ref": "#/$defs/level"},
    "auto_loan_60m": {"$ref": "#/$defs/level"},
    "liquidity": {
      "type": "object",
      "required": ["as_of", "walcl_bn", "tga_bn", "rrp_bn", "net_bn", "units", "history"],
      "additionalProperties": false,
      "properties": {
        "as_of": {"$ref": "#/$defs/day"},
        "walcl_bn": {"$ref": "#/$defs/num"},
        "tga_bn": {"$ref": "#/$defs/num"},
        "rrp_bn": {"$ref": "#/$defs/num"},
        "net_bn": {"$ref": "#/$defs/num"},
        "units": {"type": "string"},
        "history": {
          "type": "object",
          "required": ["dates", "walcl_bn", "tga_bn", "rrp_bn", "net_bn"],
          "additionalProperties": false,
          "properties": {
            "dates": {"$ref": "#/$defs/days"},
            "walcl_bn": {"$ref": "#/$defs/nums"},
            "tga_bn": {"$ref": "#/$defs/nums"},
            "rrp_bn": {"$ref": "#/$defs/nums"},
            "net_bn": {"$ref": "#/$defs/nums"}
          }
        }
      }
    },
    "mortgage": {
      "type": "object",
      "required": ["pmms_30yr", "mnd_30yr_daily", "spread_to_10y_pp", "history"],
      "additionalProperties": false,
      "properties": {
        "pmms_30yr": {"$ref": "#/$defs/point"},
        "mnd_30yr_daily": {"$ref": "#/$defs/point"},
        "spread_to_10y_pp": {"$ref": "#/$defs/num"},
        "history": {
          "type": "object",
          "required": ["dates", "pmms_30yr", "spread_to_10y_pp"],
          "additionalProperties": false,
          "properties": {
            "dates": {"$ref": "#/$defs/days"},
            "pmms_30yr": {"$ref": "#/$defs/nums"},
            "spread_to_10y_pp": {"$ref": "#/$defs/nums"}
          }
        }
      }
    },
    "fed_path": {
      "description": "Market-implied Fed path (Kalshi KXFED) vs the official target. Added 2026-09-28; not in the top-level required list so older rates.json files still validate.",
      "type": "object",
      "required": ["as_of", "reference_upper", "target_upper", "effective",
                   "reference_matches_target", "meetings", "method", "history"],
      "additionalProperties": false,
      "properties": {
        "as_of": {"$ref": "#/$defs/day"},
        "reference_upper": {"$ref": "#/$defs/num"},
        "target_upper": {"$ref": "#/$defs/point"},
        "effective": {"$ref": "#/$defs/point"},
        "reference_matches_target": {"type": ["boolean", "null"]},
        "meetings": {
          "type": "array",
          "items": {
            "type": "object",
            "required": ["date", "expected_upper", "implied_change_bp", "p_cut", "p_hold", "p_hike"],
            "additionalProperties": false,
            "properties": {
              "date": {"type": "string", "pattern": "^\\d{4}-\\d{2}-\\d{2}$"},
              "expected_upper": {"type": "number", "minimum": 0, "maximum": 15},
              "implied_change_bp": {"$ref": "#/$defs/num"},
              "p_cut": {"$ref": "#/$defs/prob"},
              "p_hold": {"$ref": "#/$defs/prob"},
              "p_hike": {"$ref": "#/$defs/prob"}
            }
          }
        },
        "method": {"type": "string"},
        "history": {
          "type": "object",
          "required": ["dates", "target_upper"],
          "additionalProperties": false,
          "properties": {
            "dates": {"$ref": "#/$defs/days"},
            "target_upper": {"$ref": "#/$defs/nums"}
          }
        }
      }
    },
    "history": {
      "type": "object",
      "required": ["dates", "dgs3mo", "dgs2", "dgs10", "t5yie", "t10yie", "hy_oas", "dollar",
                   "spread_2s10s", "spread_3m10y", "real_10y"],
      "additionalProperties": false,
      "properties": {
        "dates": {"$ref": "#/$defs/days"},
        "dgs3mo": {"$ref": "#/$defs/nums"},
        "dgs2": {"$ref": "#/$defs/nums"},
        "dgs10": {"$ref": "#/$defs/nums"},
        "t5yie": {"$ref": "#/$defs/nums"},
        "t10yie": {"$ref": "#/$defs/nums"},
        "hy_oas": {"$ref": "#/$defs/nums"},
        "dollar": {"$ref": "#/$defs/nums"},
        "spread_2s10s": {"$ref": "#/$defs/nums"},
        "spread_3m10y": {"$ref": "#/$defs/nums"},
        "real_10y": {"$ref": "#/$defs/nums"}
      }
    }
  },
  "$defs": {
    "num": {"type": ["number", "null"]},
    "prob": {"type": ["number", "null"], "minimum": 0, "maximum": 1},
    "nums": {"type": "array", "items": {"type": ["number", "null"]}},
    "day": {"type": ["string", "null"], "pattern": "^\\d{4}-\\d{2}-\\d{2}$"},
    "days": {"type": "array", "items": {"type": "string", "pattern": "^\\d{4}-\\d{2}-\\d{2}$"}},
    "point": {
      "type": "object",
      "required": ["value", "as_of"],
      "additionalProperties": false,
      "properties": {"value": {"$ref": "#/$defs/num"}, "as_of": {"$ref": "#/$defs/day"}}
    },
    "spread": {
      "type": "object",
      "required": ["label", "value", "as_of", "chg_30d_pp", "chg_1y_pp"],
      "additionalProperties": false,
      "properties": {
        "label": {"type": "string"},
        "value": {"$ref": "#/$defs/num"},
        "as_of": {"$ref": "#/$defs/day"},
        "chg_30d_pp": {"$ref": "#/$defs/num"},
        "chg_1y_pp": {"$ref": "#/$defs/num"}
      }
    },
    "level": {
      "type": "object",
      "required": ["code", "value", "as_of", "chg_30d", "chg_1y", "tail"],
      "additionalProperties": false,
      "properties": {
        "code": {"type": "string"},
        "value": {"$ref": "#/$defs/num"},
        "as_of": {"$ref": "#/$defs/day"},
        "chg_30d": {"$ref": "#/$defs/num"},
        "chg_1y": {"$ref": "#/$defs/num"},
        "tail": {
          "type": "object",
          "required": ["dates", "values"],
          "additionalProperties": false,
          "properties": {"dates": {"$ref": "#/$defs/days"},
                         "values": {"type": "array", "items": {"type": "number"}}}
        }
      }
    }
  }
}