Lagarde: Long-term financing costs have risen since September

The signal here is about the long end of the funding curve, not policy rates, and that distinction matters for anyone borrowing or lending at longer tenors — including tokenized credit and other RWA structures priced off European benchmarks. Lagarde's framing implies the transmission channel is working through term premia rather than headline policy, which tends to hit duration-sensitive instruments first. Whether this reflects durable repricing or a temporary September-onward shift is the open question, and how it feeds into issuance conditions for longer-dated RWA products is worth watching.