ECB’s Makhlouf: Nothing Can Be Ruled Out at Upcoming Meetings

Makhlouf's framing keeps optionality intact without committing to a path, which matters because it signals the ECB is not yet treating the inflation job as done. The emphasis on no second-round effects, alongside upside inflation risks and an uncertain outlook, suggests the debate inside the Governing Council is less about direction than about timing. For crypto and RWA markets, the practical read is that the rate environment stays data-dependent rather than predictably easing. Whether that upside-risk language persists into the next meeting is the open question.