# Block 032 card queue — PUSHED 2026-10-04 (resolved)

Root cause of the earlier refusal: Anki Desktop simply wasn't running on the host. Port is 6565 per AnkiConnect addon config (`~/.local/share/Anki2/addons21/2055492159/config.json`, webBindAddress 127.0.0.1, webBindPort 6565). Started Anki, pushed 3/3, sync OK, negative-usn check clean (all notes usn 4207 in collection.anki2). Note IDs: 1791117199525 / 1791117199542 / 1791117199564.

Original queue record:

Deck: `Macro Study::Phase 1 — Components::Credit`
Tags: `macro-study phase-1 credit block-032 2026-10 session:2026-10-04 weakness`

1. **Front:** CDX basis trade: short index protection at 420, long cash-basket protection at 465, notional-matched. Stress day: index gaps to 505, basket gaps to 470. Net P&L in bp?
   **Back:** Index leg −85 (sold protection — owes the widening). Basket leg +5 (bought protection — gains on widening). Net −80bp. The cash leg is a hedge: it earns back 5bp because you are long protection there. If both legs lost, it wasn't a basis trade.

2. **Front:** Stress day: CDX index gaps +85bp, cash basket gaps only +5bp. Has credit deteriorated?
   **Back:** No — the basis blew out, not the credit. Index-vs-cash divergence that lopsided is liquidity/flow-driven. Size basis trades as convergence bets with stress asymmetry, not carry.

3. **Front:** Issuer's seasoned 10y (7y remaining) prints 160 over swaps; new 10y prices at a 5bp concession, 3x covered in 10 days. What is the mechanical check BEFORE reading demand?
   **Back:** Match the curve point: re-price the old bond against the interpolated 10y curve. On a steep curve a seasoned bond's spread embeds roll-down, so part of the 160→5bp 'compression' is curve geometry, not demand. Curve-point match first, demand second, sophistication last.