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Watch The ECB's Most Anticipated Press Conference Live At 8:30 am Eastern
All who wish to watch the ECB's 8:30 press conference during which Trichet will finally reveal the size of his pocket bazooka (if one is revealed at all), can do so here.
Key notes:
- ECB's Trichet says ECB to continue to conduct 1-week, 1-month as fixed rate, full allotment until 3rd maintenance period of 2011
- "Overall the current monetary stance remains accommodative"
- ECB's Trichet says monetary policy stance, liquidity provision and allotment modes will be adjusted as appropriate
- ECB narrows range of 2011 GDP expectation from 0.5%-2.3% to 0.7%-2.1, 2010 seen in range of 1.6%-1.8 compared to 1.4%-1.8% prior
- 2011 inflation projected between 1.3%-2.3%, higher than September's 1.2%-2.2%.
- Notes flattening of yield curve.
- The teleprompter just broke here: says banks have stabilized balance sheets. What he means here is that the ECB's take over of the European banking system is proceeding on plan.
- ECB's Trichet says all Euro area countries should pursue ambitious multi year consolidation programmes: in other words, "plutocrats around the world, globalize."
- Prepared remarks end - no announcement on expected monetization. EURUSD sliding.
Q&A:
- Appropriate response is keeping full allotment on 1 and 3 Month MROs. SMP program is ongoing.
- Will not comment on market participants' commentary on what the ECB is or should be doing
- Will keep sterilizing bond purchases
- Question on whether ECB has Ireland's best interest in mind or that of euro: "it goes without saying it has been the decision of the government of Ireland" actually it does not go without saying
- Assessment on level of disruption in markets: "SMP is our only hope"
- Trichet comment on Iceland case study: "will not discuss it", also will not say anything about the hundreds of European banks bailed out by the Federal Reserve: "we are all interconnected obviously - it is extremely imporant we have an interconnected playing field" so we can crash the world all over again in a few months.
- Responding to what happens if circumstances get worse: "We are injecting enough liquidity, and that's all i have to say about that"
- On whether ECB is doing QE: "We are not doing QE"
- Are national central banks able to make emergency bank loans outside of ECB backstop programs: "I have nothing to add to that"
- On question that pretty much everyone in Germany wants the DEM back and hates the EUR? "In Germany it is better. The price stabiliteee is 1.5% (whatever that means). If you aks real question versus fancy question, you would get different answer. Germany is totally never going back to Deutsche Mark. Blah blah blah."
- Most Germans fear there will be a transfer union where Germans will have to pay for other economies: what is response? "Something long winded, without an answer."
- Altogether total waste of time. The old man refuses to answer any question about anything.
EURUSD sliding:
In other words: the two rumors that drove the market up 2.5% yesterday are both proven to have been lies. And the market couldnt't give a shit.
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it's infinity euros
What a bunch of old fu1ckers... price stability my ass...
If they are still trying to ignore the PUBLIC RAGE this thing is going to get out of control very quickly.
vvvvv
Trichet is gonna get his Paulson on, baby!
Messieurs, I present to you my pocket bazooka! Pleaze look at 'ow gigantique it is!!
ECB announces cooperation with Lexmark
Yes! That explains how BofA Asia has had best M&A year in history. But is it a jihad or something to go long ink cartridges?
and, by typing the five-letter word "jihad" (twice, now), have I guaranteed my inclusion on all the lists my cell phone conversations already landed me on? (ohh, cell phone and jihad is bad, too.)(oops).
ASSANGE!!!
Everything is recorded.At $60 for 2 TB there is no reason not to.
No doubt the NSA pays at least $600 for each 2 TB.
I didn't know you could buy storage space from the FED too??
+1
Olivetti wants to bid too¡
Ah ha! Ce n'est pas un <<pocket bazooka>>, c'est ma saucisson!
(come on, how funny would it be if he pulled a Charlie Sheen in Central Park + Tom Cruise on Oprah)
Blah, blah, blah
Bundesbank FTW!
Viva La Bazooka! LeBitchez
blah blah blah blah....WTF ; cut to the chase !!!
HOW MUCH ARE YOU BUYING ?
wut the fuk is this trichet idiot sayin ??
I've never heard a guy talk so much.....while saying nothing.
He should change his name to Garfield Goose.
He isn't saying anything like QE... everything yesterday was total BS.
Correct. Welcome to the new normal.
Recovery?
Yeah right buddy!
So no big announcement like the market expected, coupled with jobless claims going back toward recent numbers.
We should expect the Euro spreads to start growing again over the coming days.
When the market picks up, we will need the ability to print new money on demand to lend at interest to the private sector to support growth.
Translation: Work hard, innovate, hire workers, then give us our slice!
Fuck you damn liar!
Price stability? 100% inflation in Germany since 2001!!!
Kill all pigs! We are doomed for the next 10 years!
Death, bitches!
No please dont kill more us, we are zombies¡
They're going to milk this moment in the world spotlight to promote their importance. After all, the fate of the world hangs on their very words.......... :)
Yes, I am now balancing on the back of a chair, noose around my neck, rope around main water pipe in basement.....Please, please, monetize 2 trillion Euros or I'll tip...(typing with my toes),,,,
And market participants are beginning to reflect the relative lack of importance in terms of their very flawed currency...as we speak. This despite the hyper prattle chittering at me through my computer speakers.
As well, folk that wildly bid the Russel yesterday are apparently starting to think that might not have been such a good idea.
Welll....then....rally, right?
Yes, this is DOUBLE POSITIVE for the markets.
Of course. Buy the fucking dip.
lol
For those who missed it, this is a reference to the video from last night, not actual advise.
The only way to save PIIGS is monetization...
If not, Germany must exit Euro and create die neuer mark linked to gold and silver
So we have now...
1.CDS down with no buying bond program ..(False of course exists)
-10yrs spanish bond could hit 7% easy, till REAL ESTATE farce will be cleaned.
and Portugal of course its in default.
France will have many bonds downgraded and Belgium Dexia will need another bailout soon.
lol what is this...¡¡¡¡¡ i want more bailouts¡¡¡¡¡
It's a clear case of damned-if-you-do, damned-if-you-don't; an ECB bond purchasing programme is EUR negative as it dilutes the currency, but not announcing such a programme of signficant scale is also EUR negative as instability in the Eurozone continues to rise. This simple and obvious paradox should point to the simple fact that the system doesn't work.
Sortof like: If I go for burial or cremation dammit, I still don't come back to life. It's not that that system doesn't work, it's that it can't undo the past.
booooooring
Euro - Next stop 1.20 !! All Aboard !!!!
Short the shit out of this pig !!!!!
big move down in euro.. currency now trades like the doctoms of 2000.
Oh well.. the Spanish were'nt too important anyways. C'est la vie ! Seems like Herr Weber of the Bundesbank got his way.
No comment on Iceland success and why not same policy for Ireland or even considering?
granted, no mcdonalds in Iceland, but who needs/eats that crap anyhow?
Never let a crisis go to waste.
Won't comment on Iceland "success" so far. Won't comment on ECB forcing Ireland to take the bailout. Euro banks worked within the framework when borrowing from Fed during crisis.
He isn't saying anything, but the market wanted him to intervene. That should mean a red market today.
What is this 'Red Market' of which you speak? I think I remember my old dad talking about such things, but they don't happen any more do they? Just tales to frighten kids, right?
Well, we certainly don't give back rumor gains easily do we? Let's see, we gapped up huge yesterday on ECB rumors and also ramped intra-day on US-IMF rumors, and didn't give any of it back. Pre-market so far, we have only given back the gap up points for today.
I don't see how the market finishes green today without another rumor. There is a huge near-term air pocket below. The nonfarm payrolls will be very important now that jobless claims missed.
This market is nothing more than a casino, and the House (Fed) owns all the tables and slots. The dealers and equipment are never inspected (audited) and the House stipulates that nothing is rigged.
There is no market anymore. Why do you somehow think that the market will react to ANY type of news in a predictable way?
The market still reacts to news. The EUR-USD sold hard when the ECB announced nothing. The EUR-USD sold during the entire runup of Euro bond spreads over the last month. If you're referring to the US stock market, well it certainly seems to have a mind of its own sometimes. It likes to react to upside rumors much more fervently than downside rumors these days.
I will be very surprised if we finish green today, but at this point that all depends on EUR-USD. I don't see how bonds are bought in Spain, Italy, Belgium, etc for the rest of today since the ECB announced nothing.
The early action in green was predictable due to leftover shorts covering. If we maintain this strength it'll be a big surprise.
mmm, that looks yummy, is that crow on my plate?
correct a good question from the journo regarding iceland and irish bailout.. refused to answer.. what the fuk!.. everything else is just pure drivel.
yes, very typical disappointment. so the EUR-USD is buying back all of its no new ECB announcement losses.
is this because the ECB is being monetarily more responsible? it is the only reason the market is green so far. this must be the "can't have egg on Trichet's face" ramp in the Euro.
Euro (currency) - complete freaking joke. Fucking idiots, printing money with reckless abandon. The balls to be talking about "Normally functioning markets" are you kidding me.......This freaking bozo has been on the sauce way too long.
Why shoot the messenger? He is nothing but a tool and mouthpiece for the men behind the curtain.
insanity
Trichet says EU bond buying isn't QE, because he says it isn't!
Sterilization, bitchez!
ueh...ueh...if...euh if... ueh ..well if... bullshit !
No that was not a bazooka in his pocket - it was just his inhaler.
paulson might have been right after all when he asked for a bazooka...at gun point (on second thought "ask" might not properly describe his actions...lol
We remain allert! EQE to infinity!!!!!!!!
What next????
Chinese printing, EMU printing, US printing!
It's working and PMs? No mania!
Price stability everywhere.
Before the meeting I notice that notayesmanseconomics offered this opinion on the ECB.
It looks like he was right about disappointment and that the only way the peripheral Euro zone nation bonds are holding up is because the ECB has stepped in to buy them.
http://notayesmanseconomics.wordpress.com
Kodak has a pretty blunt advertising campaign running now "Buy a new printer, not new cartridges" That their cartridges are far cheaper and that the other vendors are basically screwing consumers with the consumables business model.
It would be nice if we had a non PM competitor for the fed printing and its crappy business model. Which prints money, but it all ends up in the hands of the elite.
Ron and Rand were on Fox news this morning. Basically said eliminate the income tax and print the money for those revenues. not to keep dumping it down TPTB cake holes.
The problem with a strong currency in the existing system is that it doesn't create the McJobs they're trying to create. That's why no country wants to go with a hard currency. (don't flame me, I don't support this short sighted view).
Oh I agree completely. I wish I knew the guy who came up with the dual mandate for central banks. Low unemployment AND price stability. They are opposing forces. But Econ PhDs can probably figure out how to make 1+2=4.
If an uneducated guy like me was running a central bank I'd have one mandate. Price stability. Then on the 3rd and 4th orders of the control system I'd encourage jobs. They'd end up being sustainable and dignified cause I was not dictating stuff that a non-PhD in economics should leave to the experts in those fields. (tech,finance,housing,green)
Q: What effect has the Fed's QE had on Europe?
A: I will certainly not comment on that.
Why not?!? If it was *good*, he would have said it. Reading between the lines, it sounds like he's not a big fan -- of Fed policies and QE in-general.
I think it was more along the lines of "I've never" game between a bunch women. It starts relatively innocent, but after everybody is loosened up and honest, nobody wants to admit what was said in case the boyfriends, and much worse, their kids find out.
Well except for the $10 Trillion they got through CSL's and commercial paper swaps for member banks...
What R U people talking about....? QE in Europe?....ECB has bought $69Bn so far. FED is more in the tune of $1200Bn and going for $2000Bn. You are constatnly confusing liquidity with monetizing.
Time for.............. TA DAH !!!!!!
FLASH CRASH
Boys and girls, strap the helmets on because
"One day the bottom will fall out" "I say ay ay ayay ayayay"
-------------------------------------------------
USA and the FED is the World Monetization machine - The US bond market is starting to reflect that reality. It's been suspected for years. Yesterdays FED released confirmed all expectations. Watch for the Bonds to start to implode.
Yep...a giant crap candle. I have been watching oil futures these last three days...really unbelievable....that being the perfect word for both the oil market and oil as a commodity that is simply entirely off the tracks of supply and demand.
Spot oil was used to save the market from sliding off its crappy foundation...and I expect it will be oil the finally reverses this lie-driven rally.
Sinclair called it: QE to infinity. The choice is simple for both the ECB and FED: a) die now or b) print and die later. Easy choice.
I am getting so, seriously, fed up and tired with this bullshit. If I woke up tomorrow to the sounds of alarm bells ringing, a worthless dollar and food lines... I think I might smile because then at least the anticipation will be over. The waiting will be done and the healing can begin. These bastards are going to kill a lot of people by proxy.
I justa luv all the stabiliteeee!
Mayksa mee so happeeee!
Good. No further dilution of the Euro. The tax bitches from Dublin to Berlin and from Amsterdam to Athens will have to pay while being choked under austerity measures.
Sucks to be a tax bitch (aka citizen) in Europe, but good for the common currency.
Folks, newly fresh printed money would have done the Euro in. This orchestrated attempt to intimidate Trichet and ECB into monetization and easing didn't work, the Euro remains where and what it is. The Dollar however is dead as a doornail.
Russia and China support the Euro. Their choice is to pick the lesser of two evil global FIAT. They chose the Euro.
End of story.
My name is Bond....junk bond
It occurred to me that if there are REAL Islamic terrorists in the world and they would like a better world for themselves, then instead of trying to take out buildings or airplanes with little people who have no argument with them, they should directly target those specifically at the top of the decision making and power structure (high level central bankers) so that different decision would be made.
Taking out little people and infrastructure only gives the decision makers the public backing to create wars.
So, by that logic, taking out little people and infrastructure is counterproductive to Islamic state goals and taking out decision makers and power brokers individially is more likely productive... and may even help the American people too.
but there are'nt any REAL islamic terrorists...that's the game..