# Block 034 — Credit as cycle tell

**Status:** ○ queued
**Phase:** Phase 1 (Credit)

## Topic scope

Credit spreads as risk-on/risk-off indicator. Spread widening vs equity drawdown correlation. Credit-equity reflexivity.

## Plan

_(Filled at session close of prior block, per 2026-06-23 convention.)_

## Carry-forward to next block

_(Filled at session close.)_