The only thing it offers, is a common denominator for trading. The value predicted by the model itself is completely arbitrary. You have no clue today about tom

The only thing it offers, is a common denominator for trading. The value predicted by the model itself is completely arbitrary. You have no clue today about tomorrows volatility or the the interest of a “risk free” instrument aka the central banker can show up tomorrow announcing -10% interest rates. Btw when interest rates went negative for the first time, many trading shops were caught pants down, because of course their models did not have a provision for negative interest rates.