http://www.wikio.com/search=Jean-Claude Trichet Wikio - Jean-Claude Trichet http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=63061683 The warnings from politicians and the unions were dire: Raise interest rates and it will hurt the economy and jobs. But European Central Bank president Jean-Claude Trichet paid them no heed yesterday as the bank raised its benchmark... Fri, 04 Jul 2008 17:00:00 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=63061683 newsfeeds@nzherald.co.nz 2008-07-04T17:00:00Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=63049276 The euro stayed weak against the dollar as markets continued to digest Thursday’s comments by European Central Bank president Jean-Claude Trichet, but with trade very quiet due to Friday’s public holiday in the United States. On Thursday the ECB raised interest rates by a quarter point to 4.25 percent. The decision had been fully expected, however, [...] Fri, 04 Jul 2008 15:28:51 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=63049276 2008-07-04T15:28:51Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=63000391 Europe took cautious steps to lead a global fight on inflation with an expected hike yesterday in interest rates - leaving the US to stand pat with a weak dollar and export bonanza. European Central Bank chief Jean-Claude Trichet edged up its key... Fri, 04 Jul 2008 07:42:27 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=63000391 2008-07-04T07:42:27Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62967515 Jean-Claude Trichet attempts to defuse political criticism of the European Central Bank’s move to lift its main interest rate by a quarter percentage point to 4.25% Fri, 04 Jul 2008 03:50:21 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62967515 2008-07-04T03:50:21Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62958485 As expected, the ECB raised interest rates yesterday. However, it gave no hint of further rate hikes. Bloomberg reports : European Central Bank President Jean-Claude Trichet played down prospects of further interest-rate increases, saying the quarter-point move today will help bring inflation back below 2 percent. "Today's decision will contribute to achieving our objective," Trichet said at a press conference in Frankfurt after the ECB raised its benchmark lending rate to 4.25 percent. Trichet said he has "no bias" on further moves. Trichet is no doubt mindful of the slowing eurozone economy. Although retail sales in the euro area showed an unexpected increase in May, broader indicators show a clear deceleration in the economy. From Reuters : Spain's private sector plummeted towards recession in June, with Ireland and Britain not too far behind in surveys which show the hottest house-boom economies of Europe are now slowing hard on the heels of the United States... The PMI index for Spain's services sector hit a record low of 36.7, and its manufacturing sector reading is also below the 50 mark which is the dividing line between growth and contraction... The index of British activity dropped to 47.1 in June from 49.8 in May, for a second month in contraction territory. For the euro zone as a whole, the PMI service sector index fell to 49.1 in June from 50.6 in May, dipping into the red for the first time since June 2003. Slowing economies, though, did not stop Sweden and Denmark from also raising interest rates yesterday. In Asia, Indonesia raised interest rates for the third consecutive month. The economic data in the US yesterday were also negative. Bloomberg reports : Payrolls fell by 62,000 after a 62,000 drop in May that was greater than first reported, the Labor Department said today in Washington. The unemployment rate held at 5.5 percent after soaring the most in two decades in May... The Tempe, Arizona-based ISM said its index of non-manufacturing businesses...decreased to 48.2, the lowest since January, from 51.7 in May... Another report from the Labor Department today showed initial claims for unemployment benefits rose by 16,000 to 404,000 last week. The four-week average reached the highest level since October 2005, just after Hurricane Katrina. Markets though were relatively unfazed by the negativity. Stocks ended the session mixed and Treasuries dropped. The Dow Jones Industrial Average added 0.7 percent to close at 11,288.5, while the Nasdaq Composite Index lost 0.3 percent to 2,245.4. Benchmark 10-year note yields were at 3.98 percent at 3 p.m. New York time, from 3.95 percent late yesterday. Fri, 04 Jul 2008 00:42:00 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62958485 2008-07-04T00:42:00Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62946857 FRANKFURT: The European Central Bank raised its key interest rate by 25 basis points to 4.25 per cent on Thursday. The decision had been widely expected since ECB President Jean-Claude Trichet raised the possibility last month. ... Thu, 03 Jul 2008 22:21:51 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62946857 2008-07-03T22:21:51Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62948307 Speaking on Ireland’s RTE radio and German N-TV, European Central Bank President Jean-Claude Trichet repeated comments made on Thursday morning at the ECB’s press conference after hiking the benchmark interest rate by 25 bps to 4.25%. Trichet said that he had no bias on monetary policy and that the move earlier on Thursday would help deliver [ Read more... ] Thu, 03 Jul 2008 20:50:52 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62948307 2008-07-03T20:50:52Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62933427 Thu, 03 Jul 2008 19:46:13 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62933427 2008-07-03T19:46:13Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62931411 Even as ECB president Jean-Claude Trichet aimed to calm markets by indicating the central bank is not embarking on a series of interest-rate increases after Thursday’s quarter-percentage point hike to 4.25%, he may also have rattled some nerves by suggesting policy makers are reviewing the bank’s collateral policy and that euro-zone living standards may be [...] Thu, 03 Jul 2008 19:42:21 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62931411 2008-07-03T19:42:21Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62928132 The warnings from politicians and the unions were dire: Raise interest rates and it will hurt the economy and jobs. European Central Bank president Jean-Claude Trichet paid them no heed Thursday as the bank raised its benchmark rate a quarter percentage point. Thu, 03 Jul 2008 19:09:32 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62928132 2008-07-03T19:09:32Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62966107 Jean-Claude Trichet attempts to defuse political criticism of the European Central Bank's move to lift its main interest rate by a quarter percentage point to 4.25% Thu, 03 Jul 2008 18:38:00 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62966107 2008-07-03T18:38:00Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62909029 The EUR/USD was just off session lows after comments by European Central Bank President Jean-Claude Trichet prompted broad-based losses for the currency. The euro was down 0.0170 to 1.5713 against the American dollar, having dropped nearly two cents to a session low of 1.5695 since the start of Trichet’s conference at 8:30 a.m. EDT. In his [ Read more... ] Thu, 03 Jul 2008 16:31:02 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62909029 2008-07-03T16:31:02Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62909062 European Central Bank president Jean-Claude Trichet said energy consumers must learn to live with high oil prices although producer cartels are having an abnormal impact on the oil markets. ‘The shift in relative prices and the related transfer of income from commodity-importing countries to commodity-exporting countries have to be accepted. They require a change in the [ Read more... ] Thu, 03 Jul 2008 16:29:36 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62909062 2008-07-03T16:29:36Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62904881 Jean-Claude Trichet says future policy will contribute to stabilising prices. 4 Jul 2008 12:08 AM Thu, 03 Jul 2008 16:15:58 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62904881 2008-07-03T16:15:58Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62904421 EUROPEAN CENTRAL Bank president Jean-Claude Trichet has warned that inflation will “explode” without a concerted effort by central banks. Thu, 03 Jul 2008 16:13:14 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62904421 2008-07-03T16:13:14Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62897480 The ECB increased its key lending rate by 25 bp to 4.25 percent. Jean-Claude Trichet in his introductory statement and the ensuing press conference made clear that the Central bank is committed to price stability. The move today clearly demonstrates that the governing council is not shying away from unpopular decisions according to its mandate and its guaranteed independence. The euro was bid after the press conference mainly because Trichet refused to precommit to further rate hikes. We consider this as extremely clever since uncertainty in the economy prevail and all options for the ECB remain on the table. The market reacted very favorably as seen in the charts below. What a difference sound and consistent policy makes! click to enlarge Below is an excerpt from the statement. The underlined sentences are identical (at least very similar) to last month's statement, bold sentences represent new additions, and sentences in parenthesis are missing in this month statement. The most important difference in our opinion is the omittance of "heightened alertness" and "price stability is of the essence", which obviously led market participants to believe that the ECB will refrain from further rate increases. We think this is premature in the light of Trichet's refusal to precommit. Introductory Statement July 2008 To sum up, a cross-check of the outcome of the economic analysis with that of the monetary analysis clearly confirms the assessment of increasing upside risks to price stability over the medium term, in a context of very vigorous money and credit growth and the absence thus far of significant constraints on bank loan supply. At the same time, the economic fundamentals of the euro area are sound, and incoming macroeconomic data continue to point to moderate ongoing real GDP growth when the high volatility of growth rates in the first half of this year is taken properly into account. Against this background and in full accordance with our mandate, it is imperative that we prevent broadly based second-round effects and counteract the increasing risks to price stability. We emphasise that maintaining price stability in the medium term is our primary objective and that it is our strong determination to keep medium and long-term inflation expectations firmly anchored in line with price stability, thereby preserving purchasing power in the medium term and supporting sustainable growth and employment in the euro area. ( Against this background, the Governing Council is monitoring very closely all developments. It is in a state of heightened alertness.) On the basis of our current assessment, the monetary policy stance following today’s decision will contribute to achieving our objective. We will continue to monitor very closely all developments over the period ahead. (Securing a firm anchoring of medium and long-term inflation expectations in line with price stability is of the essence . ) The full text of the statement can be found here. click for video, Trichet Q&A source: Introductory statement Jean-Claude Trichet, President of the ECB, Lucas Papademos, Vice President of the ECB Frankfurt am Main, 7 July 2008 http://www.ecb.int/press/pressconf/2008/html/is080703.en.html video: Question and answer session ECB Introductory Statement, July 3, 2008 Thu, 03 Jul 2008 14:44:00 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62897480 2008-07-03T14:44:00Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62901691 In a move that will shock some investors but please others, the European Central Bank has raised its benchmark interest rate by 25 basis points, to 4.25%. On several recent occasions, Jean-Claude Trichet had alluded to the possibility, in connection... Thu, 03 Jul 2008 14:24:11 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62901691 2008-07-03T14:24:11Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62891634 LONDON (MarketWatch) -- Jean-Claude Trichet, president of the European Central Bank, is one of the more adroit central bankers, but even the French banker was in full-fledged squirm mode on Thursday. Thu, 03 Jul 2008 14:03:00 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62891634 2008-07-03T14:03:00Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62891275 FRANKFURT (Reuters) - European Central Bank President Jean-Claude Trichet said the ECB has no bias on future policy moves after it raised interest rates for the first time in over a year on Thursday, taking them to 4.25 percent from 4.0 percent. Thu, 03 Jul 2008 13:59:55 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62891275 2008-07-03T13:59:55Z http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62888554 European Central Bank President Jean-Claude Trichet on Thursday said he has “no bias” on interest-rate policy after the ECB made good on his threat to hike its key lending rate for the first time in 13 months in a bid to tamp down inflation expectations. Thu, 03 Jul 2008 13:33:00 GMT http://www.wikio.com/search/Jean-Claude+Trichet?rinfoid=62888554 2008-07-03T13:33:00Z