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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (78895)	5/8/2008 12:28:57 PM
From: Jim McMannis	Read Replies (1) of 116555

Trichet Sees `Rather Protracted' High Inflation (Update2) bloomberg.com May 8 (Bloomberg) -- European Central Bank President Jean- Claude Trichet said inflation will remain ``high'' for some time, signaling that the bank is in no rush to lower interest rates as economic growth slows. ``Inflation rates have risen significantly since autumn,'' Trichet said at a press conference in Athens today after the ECB kept its key rate at 4 percent. ``As we have said, inflation rates are expected to remain high for a rather protracted period of time before gradually declining again.'' The ECB is reluctant to follow the U.S. Federal Reserve in cutting borrowing costs as soaring food and energy prices drive inflation above 3 percent in the 15-nation euro region. The International Monetary Fund estimates economic expansion will weaken to 1.4 percent this year from 2.6 percent in 2007 after the U.S. housing slump pushed up the cost of credit worldwide.

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