Out-Bubaing the Buba, Trichet maintains his inflation focus amid an unprecedented banking crisis and a rapid economic slowdown in Europe. If this keeps up, they’ll be marching in the streets before long. It is really quite insane. The Q&A should be fascinating.
UPDATE: JCT said they considered a rate cut but were unanimous for no change. Upside inflation risks have diminished and growth risks are to the downside but they maintain their vigil over possible second round effects. he’s afraid the last guy left working after the economy craters will get a raise, apparently. Some would say his needle is “stuck on stupid”.
