What if NBR burns reserves defending the leu crawl?
The central bank runs down FX reserves to hold the managed leu, buying time but raising questions about sustainability that keep Romanian risk premia elevated.
how we built this number — every step
The class rate is measured from our dated, sourced event library (decade-normalized Poisson — the full table is public at base_rates.json). The variant’s share within its class is the analyst’s editorial call, published so you can audit it. A wider range means thinner precedent. Full recipe: methodology · scored at Reality Check.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (gold) over time vs the crowd's (Polymarket, blue), from the past toward the 6–18 months horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. The gold path is an illustrative reconstruction anchored to today's estimate — real dated events, not a live re-estimate history.
What it would mean
If this plays out, it is a risk-off shock. The central bank runs down FX reserves to hold the managed leu, buying time but raising questions about sustainability that keep Romanian risk premia elevated. The trigger decomposes into signed root‑shocks — EM currencies ▼ · Credit spreads ▲ · Financial conditions ▲ · Risk appetite ▼ — which propagate through our causal graph to the markets below.
If it happens — the markets it would move
Biggest moves first. Projected moves are cascade-model priors; hist A–B% = what comparable past events actually did (measured abnormal returns), and model prior · unmeasured marks markets with no analogue backing yet. Tap any market for its price history.
| Market | Class | Projected move | |
|---|---|---|---|
| 1 | Solana SOLon Hyperliquid 📈 chart | Crypto | ▼ -0.5% hist -13.0–+0.68% · other way -1.04% (n=11) |
| 2 | MicroStrategy MSTRon Hyperliquid 📈 chart | Equity | ▼ -0.5% hist -4.46–+1.05% · other way +27.47% (n=12) |
| 3 | High-yield credit HYG 📈 chart | Rate | ▼ -0.4% hist -0.55–+-0.0% · other way -0.28% (n=12) |
| 4 | Ether ETHon Hyperliquid 📈 chart | Crypto | ▼ -0.3% hist -9.19–+1.93% · other way +4.87% (n=11) |
| 5 | Hyperliquid (HYPE) HYPEon Hyperliquid | Crypto | ▼ -0.3% model prior · unmeasured |
| 6 | Turkish lira TRY 📈 chart | FX | ▼ -0.4% hist -0.32–+0.2% · other way -0.6% (n=12) |
| 7 | Nasdaq 100 NDXon Hyperliquid 📈 chart | Index | ▼ -0.3% hist -0.75–+0.16% · other way +0.06% (n=12) |
| 8 | Indian rupee INR 📈 chart | FX | ▼ -0.3% hist -0.41–+0.0% · other way -0.34% (n=12) |
| 9 | Volatility (VIX) VIXon Hyperliquid 📈 chart | Vol | ▲ +0.3% hist -1.86–+4.03% · other way -0.58% (n=12) |
| 10 | Bitcoin BTCon Hyperliquid 📈 chart | Crypto | ▼ -0.2% hist -4.04–+1.32% · other way +6.05% (n=11) |
| 11 | Financials XLF 📈 chart | Equity | ▼ -0.2% hist -0.14–-0.01% · other way +0.01% (n=12) |
| 12 | S&P 500 SPXon Hyperliquid 📈 chart | Index | ▼ -0.2% hist -0.28–+0.01% · other way +0.04% (n=12) |
| 13 | Tech sector XLK 📈 chart | Equity | ▼ -0.2% hist -0.22–+0.15% · other way +0.09% (n=12) |
| 14 | Chinese yuan CNY 📈 chart | FX | ▼ -0.2% hist -0.26–+0.01% · other way -0.69% (n=12) |
Probable recommendation
Historical precedent — what analogous events actually did
Across 40 analogous events (overlap‑weighted), as abnormal returns — market beta stripped, so it's the event's own effect, not the market backdrop. Shown at 20 days (persistent) and 5 days (immediate); ↺ fades = the two horizons disagree. Confidence = consistency × sample × significance.
| Asset | History says | Abnormal (20d · 5d) | Hit | n | Confidence | vs cascade |
|---|---|---|---|---|---|---|
| SOL SOL | SHORT | -10.0% · 5d -7.8% | 83% | 20 | 0.42 | ✓ matches cascade |
| ETH ETH | SHORT | -7.8% · 5d -5.6% | 70% | 20 | 0.27 | ✓ matches cascade |
| High-yield credit HYG | SHORT | -0.3% · 5d +0.0% ↺ fades | 66% | 35 | 0.26 | ✓ matches cascade |
| MSTR MSTR | SHORT | -3.8% · 5d -3.3% | 65% | 37 | 0.25 | ✓ matches cascade |
| Gold XAU | LONG | +0.7% · 5d +0.2% | 61% | 37 | 0.20 | · |
| Bitcoin BTC | SHORT | -3.6% · 5d -2.1% | 60% | 21 | 0.15 | ✓ matches cascade |
| COIN COIN | SHORT | -3.7% · 5d +1.5% ↺ fades | 57% | 20 | 0.12 | ✓ matches cascade |
| XLF XLF | LONG | +0.1% · 5d -1.0% ↺ fades | 56% | 37 | 0.11 | ⚠ differs |
| NDX NDX | SHORT | -0.6% · 5d -1.7% | 54% | 39 | 0.07 | ✓ matches cascade |
| TRY TRY | LONG | +0.4% · 5d +1.1% | 55% | 36 | 0.06 | ⚠ differs |
| 10y yield DGS10 | SHORT | -11bp · 5d -4bp | 52% | 40 | 0.04 | · |
| INR INR | SHORT | -0.2% · 5d +0.1% ↺ fades | 49% | 36 | 0.00 | ✓ matches cascade |
| Volatility VIX | LONG | +3.8% · 5d +1.2% | 49% | 38 | 0.00 | ✓ matches cascade |
| SPX SPX | SHORT | -0.2% · 5d -0.1% | 37% | 40 | 0.00 | ✓ matches cascade |