---
session_id: 2026-10-04-block-032-close
date: 2026-10-04
block: 032
block_name: Credit OAS mechanics
phase: Phase 1 (Credit)
status: ● closed
session_closed_clean: true
next_block: 033 (Credit default cycle + lag)
---

# 2026-10-04 — Block 032 close (canonical pointer)

## Session outcome

- T4 re-probe scored: Working (hedged-leg sign slip; net −80bp not −90; basis-diagnostic landed after prompt).
- T3 re-test scored: Working+ (check-ordering fixed; curve-point residual partially landed).
- Block 032 closed. Final item states in competence-map.md (Session 51 section).

## Open items at next session open (Block 033)

1. **Push 3 queued cards** (`_session-state/2026-10-04-card-queue.md`) — AnkiConnect refused on 6565 this session; sync + negative-usn verify after push.
2. **T4 cold re-probe** — same scenario family, new numbers: short index protection / long basket protection, stress day with divergent index-vs-basket widening. Recall target: basket leg is LONG protection → +bp on widening; net = index leg − basket gain.
3. **Teach-first open (new standing convention, adjustments.md rule 17):** mentor teaches default-cycle substrate source-verified (S&P default study + FRED DRBLACBS/BAMLH0A0HYM2), then 3-4 applied transition probes → main material. No pre-read gate.

## Carry-forwards

process_notes:
  - Hedged-leg sign slip class: user flipped the sign on the leg they are LONG protection on. Same class as prior sign slips (ACM-KW wedge, negative-TP drivers). Slip-category: direction/sign.
  - "Same directional bet" conflation on basis trades: legs are offsetting by construction.
  - Check-ordering discipline now Working+: mechanical curve-point check before sophistication.