{
  "topic_id": "D07-F01-A01",
  "purpose": "Bounded historical illustration of an observation-count SMA across a weekend",
  "source": {
    "organization": "Federal Reserve Bank of New York",
    "series": "Secured Overnight Financing Rate (SOFR)",
    "endpoint_path": "/api/rates/secured/sofr/search.json",
    "parameters": {
      "startDate": "2024-01-02",
      "endDate": "2024-01-08",
      "type": "rate"
    },
    "retrieved_utc": "2026-07-22T22:37:15Z",
    "raw_response_sha256": "f2be555acb0e5b2b2ed69c7c15af524859c18e9d096c54eaaa61440788f841e1",
    "source_page": "https://www.newyorkfed.org/markets/reference-rates/sofr",
    "api_documentation": "https://markets.newyorkfed.org/static/docs/markets-api.html",
    "terms": "https://www.newyorkfed.org/markets/reference-rates/terms-of-use"
  },
  "provider_observations": [
    {"effective_date": "2024-01-02", "percent_rate": 5.40},
    {"effective_date": "2024-01-03", "percent_rate": 5.39},
    {"effective_date": "2024-01-04", "percent_rate": 5.32},
    {"effective_date": "2024-01-05", "percent_rate": 5.31},
    {"effective_date": "2024-01-08", "percent_rate": 5.31}
  ],
  "author_derived": {
    "window_observations": 3,
    "alignment": "trailing",
    "minimum_periods": 3,
    "sma_percent": [null, null, 5.37, 5.34, 5.313333333333333]
  },
  "interpretation_boundary": "The source values are official provider observations. The SMA values are author-derived arithmetic. This example illustrates window membership and weekend handling; it is not a forecast, signal, or claim about subsequent rates."
}