ECB’s Kocher: Must Ensure Inflation Does Not Become Entrenched

Kocher's warning is a reminder that the ECB's concern has shifted from the level of inflation to its persistence, a distinction that matters for how long restrictive policy stays in place. For crypto and RWA markets, the channel is indirect but real: entrenched inflation would keep rate expectations elevated and weigh on risk appetite across asset classes. The open question is whether other Governing Council members echo this framing in the coming weeks, which would signal a more hawkish consensus than a single comment implies.