licence: rest UMCSENT on Michigan's FAQ and record FRED's caching clause

[mmcky]

Records the two licensing decisions @mmcky took on 2026-09-30 for the wasm-dynamic-snapshots project (#118), and two corrections the check turned up. They land before lecture-wasm adopts us_business_cycle_monthly.csv. The change is to manifest text plus one paragraph in AGENTS.md. No bytes, filenames or redistribution values change, and CATALOG.md regenerates identically.

1. UMCSENT stays in the composite, permitted on Michigan's own FAQ. The composite's note rested on an unquoted premise, "the University of Michigan's terms permit use with citation". Meanwhile bbh_michigan_monthly.csv quotes Michigan's portal usage agreement and rules restricted, so the repo read the same rights holder two ways (#35, comment of 2026-09-29). Michigan publishes two texts. The portal's usage agreement forbids redistribution without written consent. Its FAQ answers the reprint question with "Any data, tables, or charts available to the public on our main website can be used without permission" and asks for a citation. The headline index is main-website data: www.sca.isr.umich.edu/tables.html serves it as tbmics.csv, and every committed UMCSENT value equals that table (checked 2026-09-30). bbh's four Michigan columns come from portal-only tables 30 and 32. Both manifests now record that line, and the composite's source.citation uses Michigan's requested form. The note also says what happens if Michigan ever objects: the column leaves under a new filename, and this file is withdrawn rather than kept serving it.

2. FRED stays a known yes, recorded with clause (p) in view. Clause (p) of FRED's full Terms of Use bars storing or caching FRED content "without the Bank's prior written consent". The summarized terms list no such prohibition, and each series page states its own copyright label. Neither of those stands apart from (p): the summary grants use "subject to the full terms and conditions of the service", and both citation labels grant it only to a user who engages in no prohibited use. AGENTS.md now records the posture once for the source. It reads FRED as a known yes on those two grounds, names (p) rather than leaving it unsaid, and leaves asking the Bank to the promotion gate, for new FRED snapshots as well as inherited ones. Each of the seven FRED-derived manifests points to that paragraph.

Two corrections. FRED labels USREC and M0892AUSM156SNBR "Copyrighted: Citation Required", as well as UMCSENT. The composite called UMCSENT the only one, and fred_data.csv's note leaned on a check that never covered USREC. Its note now records all six of its series' labels, and its citation says USREC comes via FRED. FRED also gives M0892AUSM156SNBR as "Percent, Seasonally Adjusted", where the composite said NSA.

File	Change
AGENTS.md	one paragraph after the "known yes" paragraph in "Licensing and attribution"
us_business_cycle_monthly.csv.yml	licence note rebuilt, verified 2026-09-30, Michigan's citation form, SA for M0892AUSM156SNBR
bbh_michigan_monthly.csv.yml	the FAQ and the main-site/portal line, verified 2026-09-30; stays restricted
fred_data.csv.yml	its six series' labels, USREC's citation, verified 2026-09-30
bbh_macro_quarterly.csv.yml, hansen_jagannathan_1991_data.json.yml, hansen_singleton_1982_data.csv.yml, hansen_singleton_1983_data.csv.yml	the clause (p) pointer (the two BBH files also say their bytes came from the Zenodo deposit, not from FRED directly)

FRED's legal page, the series pages, BLS's and the Board's terms, and Michigan's pages were fetched first-hand on 2026-09-30, and an independent review re-fetched every quoted fact. validate_datasets.py (with and without --builders, under pandas 2 and 3) and check_consumed_files.py pass. This is a policy reading under AGENTS.md, not legal advice.

Merge after #151, which main's audit needs first, and before block B, lecture-wasm's adoption of the file. The hunks do not overlap #144 or #145, and block C (#153) edits only the composite's consumers block.

Part of #118. See #35.

🤖 Generated with Claude Code

[Copilot]

Copilot review overview

🔵 Needs a closer look

The change records legal/licensing determinations resting on external facts (FRED's terms, Michigan's FAQ, and the series' seasonal-adjustment label) that cannot be verified offline and warrant human sign-off, even though the edits are internally consistent and carry no code or byte-level risk.

Review effort: Balanced
Findings: None

What changed in this PR

This PR records two licensing determinations (dated 2026-09-30) plus two corrections for the data-lectures cache, ahead of lecture-wasm adopting us_business_cycle_monthly.csv (part of #118, see #35). It is a policy-reading change to manifest text and one AGENTS.md paragraph only — no dataset bytes, filenames, or redistribution values change.

Changes:

• Records FRED's full Terms of Use clause (p) once in AGENTS.md and points all seven FRED-derived manifests to it, while keeping FRED a permitted "known yes".
• Re-grounds UMCSENT as permitted on Michigan's public-website FAQ (composite) while keeping the portal-only Michigan tables restricted (bbh_michigan_monthly.csv), resolving the prior two-way reading of the same rights holder.
• Two corrections: lists all three "Copyrighted: Citation Required" series in the composite and records USREC's label/citation in fred_data.csv.yml; and relabels M0892AUSM156SNBR from NSA to SA.

File	Description
AGENTS.md	Adds the "FRED's known yes … caching clause in view" paragraph recording clause (p) and the Michigan main-site-vs-portal distinction.
lectures/​us_business_cycle_monthly.csv.yml	Rebuilds the licence note (FRED labels, Michigan FAQ, clause (p) pointer), updates the citation to Michigan's requested form, bumps verified, and relabels M0892AUSM156SNBR to SA in source.series and the schema description.
lectures/​bbh_michigan_monthly.csv.yml	Adds the FAQ/main-site-vs-portal reasoning and clause (p) pointer, bumps verified; stays restricted.
lectures/​fred_data.csv.yml	Records all six series' labels (incl. USREC "Copyrighted: Citation Required"), adds "retrieved from FRED" to USREC's citation, bumps verified, adds clause (p) pointer.
lectures/​bbh_macro_quarterly.csv.yml	Adds the Zenodo-not-FRED note and clause (p) pointer.
lectures/​hansen_jagannathan_1991_data.json.yml	Adds the clause (p) pointer.
lectures/​hansen_singleton_1982_data.csv.yml	Adds the clause (p) pointer.
lectures/​hansen_singleton_1983_data.csv.yml	Adds the clause (p) pointer.

---

💡 Add a code-review agent skill or configure MCP servers for context-aware, tailored reviews. Learn more in the docs.