ECB’s Rehn: No Pre-Commitment to Any Specific Rate Path

The ECB's refusal to pre-commit matters because it keeps optionality in both directions, and the explicit absence of second-round effects is the key detail: it signals wage-price spirals aren't yet forcing the central bank's hand, even as energy pressures linger. For crypto and RWA markets, that ambiguity cuts both ways — no locked-in easing path removes a tailwind, but no hawkish shock either. The open question is whether second-round effects eventually surface; that, more than energy itself, would test the current framing.