Each factor is decomposed into roughly 100 driver variables grouped by causal domain. For rates these include Fed policy, inflation, real growth, term premium, supply, liquidity, and recession indicators. For equity these include earnings, margins, multiples, AI capex, credit conditions, flows, volatility, and sector leadership.

Drivers are how distribution moves are explained, not how the distribution is generated. Each driver carries its own cross-model percentile distribution. Click any factor above to inspect its full driver matrix.