Matches today's cross-asset state against a library of past regimes and returns the closest historical analogues with a similarity score — "this resembles late-2018 in three ways." The single biggest storytelling lift: it converts numbers into narrative gravity.
A peak at "November 2024, 0.71 similarity" means today's configuration most closely echoes that month. It's an analogy, not a forecast — the rhyme is in the setup, not a promise the outcome repeats.
Powers the glance rhyme-map ("When did the tape last rhyme with today?") and the closest-analogue callout in the Cycle chapter. ENRICHMENT-ONLY: called on-demand for the historical-analogue commentary slot, never the headline.
Graded on the Tier-1 regime-test harness — curated macro events × 18-yr backfill × recall@K. Verdict ENRICHMENT (FAIL 39%) (enrichment-only).