ECB’s Rehn: Must Stay Vigilant on Inflation Outlook

Rehn's emphasis on vigilance sits alongside an acknowledgement that second-round effects have not materialised, which is the more consequential signal: it suggests the ECB's concern is about persistence risk rather than an active wage-price spiral. The softer labour market and slowing wage growth reinforce that reading. For crypto and RWA markets, the transmission runs through rate expectations rather than anything crypto-specific, so the open question is whether other Governing Council members echo this framing or push back against it.