ECB’s Nagel Says Another Rate Move Is ‘Highly Likely’

Nagel's phrasing matters more than the substance: "highly likely" without timing or size keeps optionality intact while nudging expectations toward another step, and it comes from the Bundesbank president, whose voice carries weight in the hawkish camp. For crypto and RWA markets, the read-through is a rate path that stays unsettled rather than a clear pivot in either direction, which keeps duration-sensitive and yield-bearing token products exposed to headline risk. Whether other Governing Council members echo Nagel, and whether the ECB eventually attaches size or timing to the signal, is the open question.