This morning's numbers came in slightly above the consensus projections and the Euro responded by essentially doing nothing. At least part of the lack of reaction is due to this.
After stating this weekend that he didn't envision a lowering of rates because of inflation concerns, JC Trichet announced yesterday that maybe in fact they will in response to lagging growth. This sort of (very) short-term flip flopping should have been covered in Being a Central Banker 101 - let's hope he gets his act together. The increased vol due to conflicting central statements is not something the market needs right now.
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