ECB Officials Expect Tightening to Continue in October

The signal matters less for the size of any single move than for what it says about the ECB's reaction function: officials are still prioritizing inflation over growth risks, even as the euro-area outlook softens. That keeps pressure on euro-denominated risk assets, including tokenized real-world asset products priced or yielding off euro rates, since higher policy rates raise the discount rate applied to those cash flows. Whether the October signal is followed by action — and whether it marks the last hike of the cycle — is the open question.