The Swiss National Bank — the third pillar of the carry / eurodollar picture after the BOJ and ECB. The franc is the world's second carry-funding currency and its premier safe-haven, and those roles pull in opposite directions: a franc that is cheap to borrow but appreciating is a treacherous funding leg. This engine fuses the Swiss monetary base, FX reserves, the rate path, the 10Y yield and the franc crosses into a franc safe-haven pressure score.