EZA Report 631

06 September 2004

ECB Post meeting assessment September 2004
ECB Post meeting analysis - growing hint of emerging bias towards (distant) tightening

SummaryEZA Comment: While avoiding question of bias, the tenor of Trichet's prepared statement and his answers to questions suggest that a positive bias towards a rate hike is emerging in the Governing Council, with inflation risks seen as only on the upside and output risks seen (not very convincingly) as balanced, but any rate rise seems unlikely for a good many months yet.

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© Graham Bishop