# Coverage Tracker — Macro Study Program

Tracks which topics from `curriculum.md` have been covered, partially covered, or not yet touched. The mentor reads this every block alongside the competence map to detect drift.

**Block-based architecture (added 2026-06-26; refined 2026-08-09):** the program is a sequence of blocks (`blocks/` directory) rather than weeks. Coverage tracking is per-block rather than per-week. **Active block pointer lives in `_session-state/<DATE>-resume.md` frontmatter** (single source of truth, Session 41 triage 2026-08-09). `_meta/current-block.md` was deleted.

## How to read this

| Column | Meaning |
|---|---|
| **Block range** | Block ID(s) where this topic is covered |
| **Status** | `not-started` / `partial` / `covered` / `drifted-from` |
| **First block** | First block where topic appeared |
| **Last block** | Most recent block that engaged the topic |
| **Blocks spent** | Total blocks with material on this topic |
| **Drift flag** | If yes, the topic has been bypassed because the program drifted in a different direction |

## Coverage table

_(Mentor updates this section after each block. Keep in alphabetical order by phase for readability.)_

### Phase 1 — Components

| Topic | Block range | Status | First block | Last block | Blocks spent | Drift flag |
|---|---|---|---|---|---|---|
| **Process foundations (rubric)** | **00a** | covered | 00a | 00a | 1 | — |
| **Process foundations (anti-patterns)** | **00b** | covered | 00b | 00b | 1 | — |
| **Process foundations (drawdown)** | withdrawn | withdrawn | — | — | 0 | yes (Block 00c withdrawn 2026-07-02; v0.3 framework has no drawdown protocol) |
| Rates — term structure | 001 | covered | 001 | 001 | 1 | — |
| Rates — real vs nominal | 002 | covered | 002 | 002 | 1 | — |
| Rates — curve dynamics | 003 | covered | 003 | 003 | 1 | — |
| Rates — term premium | 004 | covered | 004 | 004 | 1 | — |
| Rates — PCA level/slope/curvature | 003, 005, 007 (verified) | covered | 003 | 007 | 3 | — |
| Rates — Taper Tantrum case study | 005, 007 (verified) | covered | 005 | 007 | 2 | — |
| Rates — CFTC positioning interpretation | 006 | covered | 006 | 006 | 1 | — |
| Rates — carry & roll-down mechanics | 008, 009 | covered | 008 | 009 | 2 | — |
| **Rates — yield vol / swaption surface** | 010, 015 (verified) | covered | 010 | 015 | 2 | — |
| **Rates — MBS-Treasury basis / prepayment** | 011, 015 (verified) | covered | 011 | 015 | 2 | — |
| **Rates — SOFR / OIS / repo mechanics** | 012, 015 (verified) | covered | 012 | 015 | 2 | — |
| **Rates — breakeven inflation decomposition** | 013, 015 (verified) | covered | 013 | 015 | 2 | — |
| **Rates — cross-currency basis** | 014, 015 (verified) | covered | 014 | 015 | 2 | — |
| **Rates — Batch 2 verification** | 015 | covered | 015 | 015 | 1 | — |
| **Rates — Fed communication & reaction function** | 016 | covered | 016 | 016 | 1 | — |
| **Rates — Curve regime classification** | **017** | **covered** | **017** | **017** | **1** | **—** |
| **Rates — ACM/KW term premium in practice** | **020** | **covered** | **020** | **020** | **1** | **—** |
| **Rates — historical case studies continued** | **021** | **covered** | **021** | **021** | **2** | **—** |
| FX — CIP / UIP | 023 | covered | 023 | 023 | 2 (incl. 014 intro) | — |
| FX — central bank reaction functions | 024 | covered | 033 (side-session) | 036 (main session) | 2.0 | — |
| **FX — BIS data** | 025 | covered | 038 | 039 | 2.0 | — |
| FX — drivers / carry unwind regime | 026 | partial | calibration 2026-06-21, block 014 | block 014 | 1 | — |
| FX — carry trades | 027 | not-started | — | — | 0 | — |
| FX — intervention mechanics | 028 | not-started | — | — | 0 | — |
| FX — regime classification | 029 | not-started | — | — | 0 | — |
| Credit — HY/IG spreads, OAS | 031-032 | not-started | — | — | 0 | — |
| Credit — default cycle | 033 | partial | calibration 2026-06-21 | — | 0 | — |
| Credit — as cycle tell | 034 | not-started | — | — | 0 | — |
| Credit — ETF flows | 035 | not-started | — | — | 0 | — |
| Credit — leveraged loan / private credit | 036 | not-started | — | — | 0 | — |
| Equities — index construction | 038 | not-started | — | — | 0 | — |
| Equities — sector rotation, valuation | 039, 041 | partial | calibration 2026-06-21 | — | 0 | — |
| Equities — positioning | 040 | partial | calibration 2026-06-21 | — | 0 | — |
| Equities — vol surface | 042 | not-started | — | — | 0 | — |
| Commodities — term structure, inventories | 044 | partial | calibration 2026-06-21 | — | 0 | — |
| Commodities — energy vs metals vs ags | 045 | partial | calibration 2026-06-21 | — | 0 | — |
| Commodities — EIA/API data | 046 | not-started | — | — | 0 | — |
| Commodities — OPEC+ dynamics | 047 | not-started | — | — | 0 | — |
| Commodities — COT methodology | 048 | not-started | — | — | 0 | — |

### Phase 2 — Deep instruments

| Instrument | Block range | Status | First block | Last block | Blocks spent | Drift flag |
|---|---|---|---|---|---|---|
| ES/MES (S&P 500) | 052 | not-started | — | — | 0 | — |
| GC (Gold) | 053 | not-started | — | — | 0 | — |
| CL (Crude Oil WTI) | 054 | not-started | — | — | 0 | — |
| ZN (10y UST) | 055 | not-started | — | — | 0 | — |
| ZT (2y UST) | 056 | not-started | — | — | 0 | — |
| ZB (30y UST) | 057 | not-started | — | — | 0 | — |
| SR3 (SOFR 3M) | 058 | not-started | — | — | 0 | — |
| Bund (FGBL) | 059 | not-started | — | — | 0 | — |
| Schatz (FGBS) | 060 | not-started | — | — | 0 | — |
| EuroStoxx 50 (FESX) | 061 | not-started | — | — | 0 | — |
| EUR-USD (6E) | 062 | not-started | — | — | 0 | — |
| JPY-USD (6J) | 063 | not-started | — | — | 0 | — |
| GBP-USD (6B) | 064 | not-started | — | — | 0 | — |
| AUD-USD (6A) | 065 | not-started | — | — | 0 | — |
| CAD-USD (6C) | 066 | not-started | — | — | 0 | — |
| CHF-USD (6S) | 067 | not-started | — | — | 0 | — |
| MXN-USD (6M) | 068 | not-started | — | — | 0 | — |
| Copper (HG) | 069 | not-started | — | — | 0 | — |
| Silver (SI) | 070 | not-started | — | — | 0 | — |
| Natural Gas (NG) | 071 | not-started | — | — | 0 | — |

### Phase 3 — Cross-asset linkages

| Topic | Block range | Status | First block | Last block | Blocks spent | Drift flag |
|---|---|---|---|---|---|---|
| Rates ↔ FX (CIP basis in practice) | 073 | not-started | — | — | 0 | — |
| Real yields ↔ Gold | 074 | not-started | — | — | 0 | — |
| Oil ↔ Equities | 075 | not-started | — | — | 0 | — |
| Credit ↔ Equities | 076 | not-started | — | — | 0 | — |
| USD ↔ Everything | 077 | not-started | — | — | 0 | — |
| Reflux vs correlation | 078 | not-started | — | — | 0 | — |

### Phase 4 — Macro framework

| Topic | Block range | Status | First block | Last block | Blocks spent | Drift flag |
|---|---|---|---|---|---|---|
| Regime identification | 080 | not-started | — | — | 0 | — |
| Cycle position | 081 | not-started | — | — | 0 | — |
| Positioning & reflexivity | 082 | not-started | — | — | 0 | — |
| Liquidity plumbing | 083 | not-started | — | — | 0 | — |
| Historical case studies | 084 | not-started | — | — | 0 | — |

### Phase 5 — Process & behavioral

| Topic | Block range | Status | First block | Last block | Blocks spent | Drift flag |
|---|---|---|---|---|---|---|
| **Decision process rubric** | 086 (verification of 00a + edge cases for non-rate trades) | not-started | — | — | 0 | — |
| **Anti-patterns** | 087 (verification of 00b + new patterns from Phase 2-4) | partial | calibration 2026-06-21, block 00b | block 00b | 1 | — |
| **Postmortem grading** | 088 | not-started | — | — | 0 | — |
| **Drawdown protocol** | 089 (verification pending Q3 2026 audit; no Block 00c) | not-started | — | — | 0 | — |
| **Behavioral biases** | 090 | not-started | — | — | 0 | — |

## Drift summary

_(Mentor adds a one-paragraph summary here when drift detection rules in adjustments.md trigger. Include: how many blocks of drift, what direction, what's been bypassed, what to do about it.)_

## Goal-alignment check

The end goal of this program is: **world-class expert-level macro hedge fund trader** — discretionary, judgment-first, manual process per `00-methodology/decision-process.md`.

What counts as on-path (in priority order):
1. Component knowledge of traded/monitored instruments
2. Cross-asset linkage understanding
3. Macro framework depth (regime, cycle, positioning, reflexivity)
4. Process discipline (decision process, anti-patterns, postmortem, drawdown)

What counts as off-path (flag if drift goes here):
- Pure academic theory without market application
- Backtesting / systematic strategy development
- Trading psychology pop-science (without process backing)
- Asset classes outside the universe (e.g., crypto deep-dive beyond what's monitored)
- Topics that don't improve a, b, c, or d above

The mentor surfaces goal-alignment concerns in the active block's plan section and the block summary, with a recommendation. The user decides whether to redirect.