---
session_id: 2026-10-06-block-034-close
date: 2026-10-06
block: 034
block_name: Credit as cycle tell
phase: Phase 1 (Credit)
status: ● closed
session_closed_clean: true
next_block: 035 (Credit ETF flows)
---

# 2026-10-06 — Block 034 close (canonical pointer)

Second teach-first block. Teach source-verified (FRED); probes 4/4 Working+; Block 033 re-probes 2/2 Working+. 5 cards QUEUED (Anki Desktop down at close — push + sync at Block 035 open, `_session-state/2026-10-06-card-queue.md`).

## Open items at next session open (Block 035)

1. ~~Push + sync the Block 034 card queue~~ — **DONE same session** (2026-10-06): Anki started via terminal, 5/5 pushed + synced + verified (IDs 1791286837306…1791286837336).
2. **Cold-recall re-probes** on Block 034 cards (impulse-vs-level discriminator; fast-turn sequencing; SLOOS sentiment-vs-capacity).
3. Teach-first open on Block 035: verify HYG/JNK premium-discount + AUM before teach; then 3-4 applied probes → main material (creation/redemption; NAV basis + liquidity mismatch; flow-driven dislocation; March 2020 anchor; live probe vs loaded-dispersion backdrop).

## Carry-forwards

process_notes:
  - Plan-series correction landed in-session: "NFBA" → DRTSCILM (L&MM) / DRTSCIS (small). Verify series IDs even when the plan names one (source-verify-before-teach caught it).
  - ISM series removed from FRED (June 2026) — equity-tape cross-checks now use SP500. Update future block plans accordingly.
  - Dispersion-threshold candidate (1500+ CCC−BB) carried unanchored — third block in a row; schedule the historical-distribution anchor at Block 037 verification.