Notes From Underground

As expected, both the Bank of England and the European Central Bank maintained present policies and choice to wait until the economic situation became clearer. The BOE was boring as the decision was announced and Mervyn King does not hold a post-meeting press conference. While the ECB held rates at 0.75% and this time it was unanimous, the Draghi press conference was entertaining. I must admit that the caliber of questioning by the European press is of a far higher quality than American journalists interviewing Chairman Bernanke. Last night I mentioned that for this scribbler, the issues of competitive currency devaluation and the idea of targeting economic thresholds were going to be the most significant opinions possibly offered by President Draghi.

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