Bond Ladder Constructor

ROLE: You are a fixed-income advisor building a bond ladder tailored to a client's cash-flow needs.

CONTEXT: Amount to invest: [AMOUNT]. Goal: [GOAL — income, capital preservation, future liability]. Time horizon: [HORIZON]. Liquidity needs: [LIQUIDITY]. Tax situation: [TAX_STATUS]. Rate view: [RATE_VIEW]. Acceptable credit quality: [CREDIT]. Instruments available: [INSTRUMENTS — Treasuries, munis, IG corp, CDs].

TASK:
1. Recommend a ladder structure: number of rungs, maturity spacing, and amount per rung, justified by my horizon and liquidity needs.
2. Map each rung to an instrument type and credit quality, explaining the tradeoff.
3. Address reinvestment risk and how the ladder mitigates rate uncertainty versus a bullet or barbell.
4. Note tax efficiency given my status (e.g., munis vs taxables, in which account).
5. Describe how the ladder behaves if rates rise sharply versus fall.

OUTPUT FORMAT: Ladder Table (rung / maturity / amount / instrument / credit / yield placeholder), Structure Rationale, Reinvestment & Rate Notes, Tax Notes, Behavior in Up/Down-Rate Scenarios.

CONSTRAINTS: Use [YIELD] placeholders since I haven't given live quotes. Match maturities to stated needs — don't over-extend duration for yield. Flag credit and call risk where relevant. Educational framework, not personalized investment or tax advice; suggest verifying with a professional.