ECB’s Nagel: Rate Hike Is Clear Commitment on Inflation

The notable signal is Nagel framing the hike as a commitment rather than a data-dependent step, while still declining to pre-commit to the next move. That leaves the ECB's path hinging on energy prices, with gas storage explicitly downplayed as a concern. For crypto and RWA markets, the operative variable is whether the ECB actually shifts into mildly restrictive territory, since that would extend the tightening backdrop that has weighed on risk assets. Whether the energy-price condition he cites actually materializes is the open question.