ECB Trichet Paves the Way for Rate Cut and Possibly Coordinated Easing |
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The European Central Bank President has finally buckled under the weight of bank failures, recessions and slower global growth. Although the ECB left interest rates unchanged at 4.25 percent this morning, Trichet has paved the way for an interest rate cut before the end of the year. This has driven the Euro to the lowest level against the US dollar in more than 12 months and the lowest level against the Japanese Yen in more than 2 years. It is important to realize that this is a dramatic
Filed under: Fundamental
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