# Block 029 — FX regime classification — pre-read teach (2026-08-26)

**Substitution:** teach-first at session open, per user choice (option B of the 2026-07-03 protocol).

**Substrate delivered:** four FX regimes (risk-on/off, USD funding stress, carry unwind, correlation breakdown) + diagnostic order + USD/JPY master discriminator + 3 transition probes.

**Why teach-first:** user's explicit choice at session open. No prior block close had filled Block 029's plan (Block 028 close on 2026-08-17 left it empty per the 2026-08-17 close message — process gap flagged in resume). User opted out of read on opening.

**Anki queue (post-session):** 4 precision-slip targets — see block file `## Plan` section.

**Cross-block ties:**
- Block 014 (cross-currency basis) — USD funding stress substrate
- Block 027 (FX carry trades) — carry unwind substrate
- Block 012 (SOFR-OIS) — bank-funding vs cross-currency distinction
- Block 016 (Fed reaction function) — vol-surface-first = sentiment signature
- Block 017 (curve regime classification) — "regime = move not state" framework transfers

**Verify state:** teach delivered + transition probes pending. Block 029 status: ◐ in-progress.