ECB’s Lagarde: Rate Decisions to Be Made Meeting by Meeting

Lagarde's meeting-by-meeting framing signals the ECB is deliberately avoiding a forward guidance commitment, which matters for rate-sensitive sectors including crypto and tokenized real-world assets that trade against the euro rate outlook. The absence of second-round effects gives the ECB room to hold rather than signal urgency in either direction, while resilient growth removes some pressure to cut. The open question is whether that data-dependent stance hardens into a pause or shifts with incoming inflation prints.