Rather than have the discussion wander off into wider issues of loyalty programming, shall we establish whether there actually has been a step change (= overnight devaluation) in redemption rates ?

FWIW, a European property I was watching for an award redemption this summer has had the award price increase by about 10% - on each and every day - since I last looked a few days ago.

The award rates were pretty much the same every day (around 70k, they all went up to 77 or 78k), so I don't buy a 'dynamic pricing pushing up rates on peak days' explanation.