{
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      "severity": "INFO",
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      "interval_to": null,
      "strike": null,
      "target_key": "2026-09-29",
      "message_short": "Rejected: missing_quotes",
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      "code": "low_source",
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      "target_key": "03-24\u219203-30",
      "message_short": "LOW confidence",
      "message_long": "Event confidence: LOW (baseline not robust)",
      "metrics": {
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    {
      "code": "neg_fwdvar",
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      "target_key": "03-30\u219204-07",
      "message_short": "NEG forward variance",
      "message_long": "Negative forward variance: -0.0180",
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    {
      "code": "baseline_fallback",
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      "interval_from": "2026-04-07",
      "interval_to": "2026-04-28",
      "strike": null,
      "target_key": "04-07\u219204-28",
      "message_short": "Baseline fallback",
      "message_long": "Baseline quality: FALLBACK (edge case)",
      "metrics": {
        "baseline_n": 1
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    },
    {
      "code": "baseline_fallback",
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      "severity": "WARN",
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      "interval_from": "2026-04-28",
      "interval_to": "2026-05-26",
      "strike": null,
      "target_key": "04-28\u219205-26",
      "message_short": "Baseline fallback",
      "message_long": "Baseline quality: FALLBACK (edge case)",
      "metrics": {
        "baseline_n": 1
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    },
    {
      "code": "low_source",
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      "severity": "WARN",
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      "interval_from": "2026-05-26",
      "interval_to": "2026-06-30",
      "strike": null,
      "target_key": "05-26\u219206-30",
      "message_short": "LOW confidence",
      "message_long": "Event confidence: LOW (baseline not robust)",
      "metrics": {
        "confidence": "LOW"
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    },
    {
      "code": "baseline_thin",
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      "severity": "INFO",
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      "interval_to": "2026-12-29",
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      "target_key": "06-30\u219212-29",
      "message_short": "Thin baseline",
      "message_long": "Baseline quality: THIN (few neighbors: 1)",
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    },
    {
      "code": "low_source",
      "scope": "interval",
      "severity": "WARN",
      "expiry_dt": null,
      "interval_from": "2026-06-30",
      "interval_to": "2026-12-29",
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      "target_key": "06-30\u219212-29",
      "message_short": "LOW confidence",
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      "metrics": {
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    },
    {
      "code": "elevated_fwdvol",
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      "severity": "WARN",
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      "interval_from": "2026-03-17",
      "interval_to": "2026-03-24",
      "strike": null,
      "target_key": "03-17\u219203-24",
      "message_short": "Elevated fwd vol (42.9%)",
      "message_long": "Forward volatility: 42.9% (threshold: 30%)",
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    {
      "code": "elevated_fwdvol",
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      "strike": null,
      "target_key": "03-24\u219203-30",
      "message_short": "Elevated fwd vol (43.9%)",
      "message_long": "Forward volatility: 43.9% (threshold: 30%)",
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    },
    {
      "code": "elevated_fwdvol",
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      "severity": "WARN",
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      "interval_from": "2026-04-07",
      "interval_to": "2026-04-28",
      "strike": null,
      "target_key": "04-07\u219204-28",
      "message_short": "Elevated fwd vol (39.4%)",
      "message_long": "Forward volatility: 39.4% (threshold: 30%)",
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    {
      "code": "elevated_fwdvol",
      "scope": "interval",
      "severity": "WARN",
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      "interval_from": "2026-04-28",
      "interval_to": "2026-05-26",
      "strike": null,
      "target_key": "04-28\u219205-26",
      "message_short": "Elevated fwd vol (30.3%)",
      "message_long": "Forward volatility: 30.3% (threshold: 30%)",
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    {
      "code": "elevated_fwdvol",
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      "severity": "WARN",
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      "interval_from": "2026-05-26",
      "interval_to": "2026-06-30",
      "strike": null,
      "target_key": "05-26\u219206-30",
      "message_short": "Elevated fwd vol (30.6%)",
      "message_long": "Forward volatility: 30.6% (threshold: 30%)",
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      "code": "low_coverage",
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      "strike": null,
      "target_key": "run",
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}