Trichet tempers European rate rally

By Andrew Wilkinson
20 November 2009 @ 10:19 am EDT

Apart from giving the euro a slap in the face (see our earlier FX commentary) Jean Claude Trichet's remarks about wrapping up the cheap loans awarded to the European banking system a year ago tempered the recent rally in European interest rate futures this morning. One has to be careful where to go with the hawkish comments, which we acknowledge are not new and simply underscore what we already knew about what the ECB would do when loans are coming due in December. Previously the ECB has pulled a line from the Loony Toons cartoons and basically said, "That's all folks!"

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