RSS feedjean-claude trichet
’Markets Live – JCT special
I would like very much to hear some congratulations for this institution, which has delivered price stability in Germany over almost 13 years at approximately 1.55% – as the yearly average of inflation – we will recalculate the figure to the second decimal.
Nomura: Trichet to deny Europe a fun going-away present
Or, why this letter is likely to make its way quickly into the recycling bin.
Just a couple of weeks ago, the conventional wisdom was still for a 50bps rate cut at Thursday’s ECB meeting — Jean-Claude Trichet’s last as ECB president — in light of rising expectations rise of an eurozone recession.
“But wouldn’t a weak euro be preferable to no euro at all?”
In case you didn’t see the full-page ad placed on page 5 of the print edition of Wednesday’s FT…
Presenting French fund manager Edouard Carmignac’s valedicton to European Central Bank president Jean-Claude Trichet,
A few good central bankers
In case you missed Jean-Claude Trichet coming over a bit Jack Nicholson at Thursday’s ECB press conference we thought we’d reprise events.
They went a little like this (*cautionary note for those not familiar with A Few Good Men,
Trichet – the verdict
We already know what the markets made of Thursday’s moves by the ECB to try and halt the contagion in the eurozone from spreading.
Here’s the verdict from the sell side. Think moving with the handbrake on.
Dear Uncle Trichet
Doing the rounds in the City of London on Wednesday morning.
Dear Uncle Trichet,
Would you please be so kind as to whip out your impressive chequebook in the next few days and stem this self-fulfilling crisis in Europe.
Eurozone at breakpoint
We have been waiting for this – the RBS report on eurozone debt crisis, policy options and end game scenarios.
And it doesn’t disappoint.
The RBS team, lead by chief economist Jacques Cailloux, reckons the Euro area is at ‘breakpoint’,
Jean-Claude Trichet, the almost-Hamiltonian
Presenting a… revisionist view of why the European Central Bank president hates any Greek debt restructuring, in whatever form.
One in which the stakes get a lot higher too.
Here’s a chart where,
Dear Herr Schaeuble
Right then, some market reaction to Herr Schaeuble’s letter to President Trichet of the European Central Bank.
It’s from the very bearish Harvinder Sian at RBS.
He thinks Germany’s move to protect its balance sheets is inherently negative for the stability of the periphery and in the extreme for other core Eurozone countries.
Don’t wait for Fed rate hikes — Morgan Stanley
FOMC minutes are out Tuesday afternoon and we’ll be at the ready for signals of an exit strategy for the Fed.
In a short note out in advance of their release, Morgan Stanley adds its name to those warning a “tightening moment”
ECB, after ‘vigilance’
Much musing — and some shell-shock in financial markets — on Friday over the ECB’s bold new direction, or as its Thursday statement asserts, its “strong vigilance”.
As FT Alphaville noted, the surprise suggestion on Thursday by ECB chief Jean-Claude Trichet of an April rate rise “went down a treat in the foreign exchange markets”,
Trichet calls for a ‘quantum leap’ amid ‘strong vigilance’
Thursday’s comments from ECB President Jean-Claude Trichet have gone down a treat in the foreign exchange markets.
At pixel time the euro was headed straight through a bunch of moving averages while approaching the all important psychological $1.40 mark:
Sweet, squeezed euro nostalgia
RTRS-TRICHET-REMIND YOU IN JULY 2008 WE HIKED RATES
Rates markets to Trichet — ‘OK, we’re reminded’.
Euro shorts to Trichet — ‘AAeeaaurgh it burns, it burns!’
And, of course, FT Alphaville will just note that euro rates hindsight works both ways.
Paper Tiger, Hidden Trichet
Mr. Trichet is known to keep a data terminal on his desk and speak frequently with the bank’s 20 in-house bond traders. He also occasionally visits them on a lower floor of the bank’s headquarters…
Euro confusion
RTRS-TRICHET-EXCESSIVE FX VOLATILITY NOT WELCOME
Look into my eyes… I am Jean-Claude Trichet
When’s the best time to start buying peripheral bonds?
ECB press conference time of course!
FT Alphaville hears that while the world was focused on ECB president Jean-Claude Trichet dodging questions about more government bond purchases…
No nuclear announcement from the ECB
There’s really only one thing on the agenda this Thursday – the ECB’s meeting and subsequent press conference.
But few in the City expect President Trichet to surprise the markets with a shock-and-awe style bond-buying blitz.
Over to you Mr President [updated]
Take a bow President Trichet.
That’s quite a short covering rally you’ve triggered. Now comes the difficult bit: ensuring it doesn’t fizzle out.
So what does Mr President need to announce at Thursday’s ECB meeting to make sure the shorts aren’t put on again and the selling of European periphery debt is stopped?
Recent CDS prices from Markit.
Macro Live 4: PMI wrap
FT Alphaville’s new feature, Macro Live — our periodic real-time chat about the US economy — returns on Wednesday, December 1.
We’ll be recapping the PMI releases from around the world in the last 24 hours,
An acrid smell of burnt fingers
Currently wafting in from the eurozone, following ECB President Jean-Claude Trichet’s threat dovishness on buying more government bonds, a rally in periphery debt!
The SMP to the rescue? [updated]
Thursday’s ECB meeting is taking on increased importance as tensions in the eurozone show no signs of easing.
Indeed, it’s becoming clear that many investors have lost faith in the EMU project and that market confidence can only be restored if there is a strong and forceful response from EU policymakers.
More bond buying please Mr Trichet
On Monday, we picked up on news that the ECB had returned to the bond market last week to to snap-up ailing Irish bonds. In its first purchases since early October, the European central bought a total of €711m worth of eurozone paper.
CDS report: Waiting for Trichet
A late sell-off in the US had the predictable dampening effect on European markets. The Markit iTraxx Europe opened 3.5bp wider at 140bp (+3.5) while the Markit iTraxx Crossover opened at 620bp, 6bp wider.
Le SMP, le bailout Français
Oooh, go on central bankers: It’s a Germany vs France ECB-beef.
On Monday, Germany’s Der Spiegel claimed that German central bankers had hit out at the European Central Bank’s government bond-buying programme (the SMP) for .
Trichet on the ECB’s government bonds about-face
Spare a thought for Jean-Claude Trichet, president of the European Central Bank.
The man has had a rough couple of days. Just last Thursday, he was being roundly abused for declining to even consider the prospect of intervention in the secondary market for government bonds,
Head in the sand at the ECB (updated)
European Central Bank President Jean-Claude Trichet’s performance at his press conference in Lisbon on Thursday did not win many plaudits, in the face of the eurozone’s debt crisis.
Evolution’s Gary Jenkins argues that Mr Trichet’s head seemed stuck in the sand:
Going nuclear at the ECB
With markets across Europe reeling on Tuesday, will the European Central Bank have to press the nuclear option button and start buying government bonds?
Gary Jenkins of Evolution Securities is one of an increasing number of analysts who think it might be the only way to stop the contagion spreading.