ECB minutes: policy response should remain ‘measured’

The signal here is about communication rather than calibration: the ECB is explicitly reserving the right to stay data-dependent while declining to define what would change its stance. That matters for euro-denominated risk assets, including tokenized treasury and money-market products that price off the euro short rate, because the forward curve now carries more of the easing-or-holding question than the central bank is willing to endorse. Whether the deposit rate is genuinely judged neutral, or merely within a wide staff range, is the open question worth watching.