Trichet 3, Bernanke 0

Thursday, June 05, 2008 | 05:07 PM

Wild day in the pits -- DJIA up 213.97, Nasdaq up 46.80 (and over its 200 day moving average!). Crude oil up over $6 intraday, closing up $5.49 to $127.90.

Blame ECB chair Trichet, whose hawkish inflation pronouncements helped tank the greenback and send oil soaring.

In the battle of the Central Bankers, its Trichet 3, Bernanke 0

UPDATE: June 6, 2008 5:48am

See this Bloomberg story,  Trichet Leads Shift From Growth to Beating Inflation

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Thursday, June 05, 2008 | 05:07 PM | Permalink | Comments (17) | TrackBack (0)
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Comments

Why you so no like Bernie, Barry?

You should know that it's inappropriate to make judgments about his performance, or Trichet's for that matter, based on short-term market reaction. In fact intra-day reaction is just about the worst yardstick there is.

Let's not forget that Greenspan was the "Maestro" and God-incarnate according to Wall Street until after he retired... and then the happy-happy balloons turned into iBank-eating furry monsters.

It could just be that Bernie & Co are going to start to act like hawks themselves. If so, we will have had the benefit of a looser policy during a crunch time when Bear Stearns died, politicians sat on their laurels, and the Treasury Department was on an extended 420 break. Europe + the U.K. will not have had the same and might just be worst off in the long run for the lack of it.

But no matter what, it is not Judgment Day yet.

Posted by: Sherman McCoy | Jun 5, 2008 5:39:48 PM

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