"""The point-in-time table, and the arithmetic it is allowed to do.""" from __future__ import annotations from datetime import UTC, date, datetime import polars as pl from recipe.pipeline import with_rate_changes from recipe.pit import build_pit, horizon_label, weighted_median from recipe.schema import EVENT_SCHEMA, align def test_horizon_is_relative_to_the_meeting_that_projected_it(): assert horizon_label("2026", 2026) == "Y0" assert horizon_label("2028", 2026) == "Y2" assert horizon_label("longer_run", 2026) == "LR" # A projection for a year already past is not a horizon; it is a misread # column, and it is dropped rather than filed under a negative offset. assert horizon_label("2019", 2026) is None def test_the_median_dot_counts_each_participant_once(): assert weighted_median([3.0, 3.5, 4.0], [1, 1, 1]) == 3.5 assert weighted_median([3.0, 4.0], [2, 2]) == 3.5 assert weighted_median([3.0, 3.5, 4.0], [5, 1, 1]) == 3.0 assert weighted_median([], []) is None def _events() -> pl.DataFrame: rows = [ { "event_id": "US_FOMC_2026-01-28_STATEMENT", "meeting_id": "US_FOMC_2026-01-28", "event_type": "STATEMENT", "knowledge_at": datetime(2026, 1, 28, 19, 0, tzinfo=UTC), "target_rate_lower": 3.75, "target_rate_upper": 4.0, "target_rate_mid": 3.875, "decision": "hold", "vote_for": 12, "vote_against": 0, "knowledge_time_precision": "exact", "source_url": "https://example.invalid/a", "parser_version": "1.0.0", }, { "event_id": "US_FOMC_2026-03-18_STATEMENT", "meeting_id": "US_FOMC_2026-03-18", "event_type": "STATEMENT", "knowledge_at": datetime(2026, 3, 18, 18, 0, tzinfo=UTC), "target_rate_lower": 3.5, "target_rate_upper": 3.75, "target_rate_mid": 3.625, "decision": "cut", "vote_for": 11, "vote_against": 1, "knowledge_time_precision": "exact", "source_url": "https://example.invalid/b", "parser_version": "1.0.0", }, ] return align(pl.DataFrame(rows, infer_schema_length=None), EVENT_SCHEMA) def _meetings() -> pl.DataFrame: return pl.DataFrame( { "meeting_id": ["US_FOMC_2026-01-28", "US_FOMC_2026-03-18"], "meeting_end_date": [date(2026, 1, 28), date(2026, 3, 18)], } ) def test_rate_change_is_measured_against_the_previous_statement(): events = with_rate_changes(_events()) changes = dict(zip(events["event_id"], events["rate_change_bp"], strict=True)) assert changes["US_FOMC_2026-01-28_STATEMENT"] is None assert changes["US_FOMC_2026-03-18_STATEMENT"] == -25.0 def test_pit_rows_carry_the_instant_the_event_did(): frames = { "events": _events(), "meetings": _meetings(), "sep": pl.DataFrame(schema={"meeting_id": pl.String, "median": pl.Float64}), "dot_plot": pl.DataFrame( schema={ "meeting_id": pl.String, "projection_year": pl.String, "rate_level": pl.Float64, "dot_count": pl.Int32, "knowledge_at": pl.Datetime(time_unit="us", time_zone="UTC"), "source_url": pl.String, } ), } pit = build_pit(frames) assert set(pit["entity_id"].unique()) == { "US_FOMC_TARGET_RATE_LOWER", "US_FOMC_TARGET_RATE_UPPER", "US_FOMC_TARGET_RATE_MID", } mid = pit.filter(pl.col("entity_id") == "US_FOMC_TARGET_RATE_MID").sort("knowledge_date") assert mid["actual"].to_list() == [3.875, 3.625] assert mid["previous"].to_list() == [None, 3.875] assert mid["change"].to_list() == [None, -0.25] # Nothing is ever knowable before it was published. assert (mid["knowledge_date"] >= mid["event_date"].cast(pl.Datetime("us", "UTC"))).all() def test_forecast_is_always_null(): """Consensus estimates are licensed data; this dataset carries none.""" frames = { "events": _events(), "meetings": _meetings(), "sep": pl.DataFrame(schema={"meeting_id": pl.String, "median": pl.Float64}), "dot_plot": pl.DataFrame( schema={ "meeting_id": pl.String, "projection_year": pl.String, "rate_level": pl.Float64, "dot_count": pl.Int32, "knowledge_at": pl.Datetime(time_unit="us", time_zone="UTC"), "source_url": pl.String, } ), } assert build_pit(frames)["forecast"].null_count() == build_pit(frames).height