The 8:30 EDT press conference is due to start any minute. The key questions which Trichet will not answer this time around are i) whether the ECB will reactivate its secondary bond buying program or maybe even expand it and ii) why the ECB continues to sacrifice the peripheral countries courtesy of high rates just to keep so called "transitory" inflation in check. The rest will be anger-inducing mumbling and bureaucrat rhetoric. And some observations from Miller Tabac courtesy of Bloomberg All News: "All eyes on Trichet’s presser as expectations build for ECB support to damped contagion risk, Miller Tabak Roberts fixed-income strategist Adrian Miller writes in client note. ECB’s options limited: while SMP asset-purchase program would be best means of calming markets, the EFSF fund won’t be available until at least September. This leaves ECB’s balance sheet as “the only source of resouces deep enough to make a dent in the current crisis.” However, he does no expect Trichet to announce an “definitive intervention” today. While he may use “the power of strong language” to help calm, any resulting rally likely to be short-lived."