Eurozone October Harmonized CPI Rises 4.0% YoY, Matching Expectations

The reacceleration in eurozone inflation, even in line with expectations, complicates the ECB's calculus: a print that matches forecasts but moves in the wrong direction keeps the policy path genuinely open rather than settled. For rate-sensitive assets, including crypto and tokenized RWA markets that trade largely on euro liquidity conditions, the direction of travel matters more than the level. Whether this pickup proves a one-month blip or the start of a firmer trend is the open question, and the ECB's read on it is what markets will be parsing next.