Crowd busting

volker-wellmann-1

When Jean-Claude Trichet, president of the European Central Bank (ECB), stepped up to the podium at 2:30pm on June 5, 2008, the markets knew what was coming. The ECB had just voted to hold rates steady, but Trichet was expected to signal the next move would be lower. In the face of a growing economic crisis, the US had already cut rates by 225 basis points in the first half of the year, while the UK had cut by 100bp. But Trichet had a surprise up his sleeve: the central bank was worried about st

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