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Trichet Holds His Hawkish Tone Despite Ongoing Financial Turmoil特里谢认为，他的鹰派语气，尽管正在进行的金融风暴

Less than an hour after the European Central Bank announced the benchmark rate would be held at 4.00 percent, President Jean Claude Trichet delivered his usual commentary to an attentive public.不到一个小时后，欧洲中央银行公布的基准利率将举行的4.00 ％ ，总裁特里谢发表了他一贯的评一细心的市民。 Over the past few weeks, speculation that the policy authority would take a more dovish approach to its rate decisions had grown after a number of leading indicators have shown a stunting in the region’s strong pace of economic growth and data that suggests inflation trends are finally pulling back to tolerable levels.在过去数星期，投机，这项政策的权力，将采取一种更温和的做法，其利率决定后，增加了多项领先经济指标指数显示，发育迟缓的在该地区的强劲的经济增长速度和数据表明，通货膨胀的趋势最后拉回到可以承受的水平。

Just yesterday, a report of consumer spending revealed Euro-Zone retail sales plunged 1.6 percent in the year through March - the sharpest decline on records going back to 1995.就在昨天的一份报告显示，消费者支出，欧元区零售销售下跌了1.6 ％ ，在今年三月通过-最大跌幅纪录，就回到1 995年。 More importantly, for the inflation-minded policy board, the leading annualized German CPI number unexpectedly dropped from a 3.1 percent to 2.4 percent clip, which was both a 10-month low and much closer to the central bank’s 2.0 percent target.更重要的是，对于通货膨胀的态度政策委员会，领导德国消费物价指数年均人数出人意料地下降，从3.1 ％ ， 2.4 ％ ，剪辑，这是双方10个月新低，并更接近中央银行的2.0 ％的目标。

However, despite these dovish shifts in economic data, President Trichet did not waver in his hawkish stand.然而，尽管这些鸽派的转变，经济数据，主席特里谢并没有动摇，在他的鹰派立场。 Highlighting the group’s primary concern for the future of policy action, the central banker said that upside risks to inflation were prevailing and that price pressures would remain their “highest priority.” Furthermore, Trichet stated that in attempting to avoid second round inflation effects, he was concerned about the short to medium-term effects of rising food and energy prices.突出集团的首要关注，为未来的政策行动，中央的银行家说，通膨上升风险，以当时的通货膨胀率和物价压力将继续他们的“最高优先” 。此外，特里谢指出，在企图，以避免第二轮通胀效应，他关心的短期和中期的影响上升，食品和能源价格。 What’s more, he suggested he was also worried about the strong pricing power that firms have had and attempts to index wage growth - both factors that easily send inflation into an upward spiral.何况，他建议，他还担心强劲的定价能力，公司已和企图指数的工资增长-这两个因素很容易发送到通胀上升的螺旋。 Looking outside of his inflation concerns, even his gauge of economic growth and the health of the financial markets was hawkish on balance.展望之外，他通货膨胀的关切，连他的衡量经济增长和健康的金融市场是鹰派对平衡。 While the President said their were downside risks to growth, he still read moderate, ongoing growth in data.而总统说，他们下跌的风险的增长，他仍然阅读温和，持续增长的数据。 Altogether, he confirmed his belief the economy would meet the ECB’s forecasts for 2008 growth.共有时，他证实，他相信经济将符合欧洲央行的预测，到2008年的增长。 One possible caveat to stable growth though was financial market turmoil.其中一个可行的告诫，以稳定增长，虽然是金融市场的动荡。 At the same time, after mentioning this factor as the main downside risk to the economy going forward, he went on to say that he saw little constraint in lending and tha tmoney and credit growth were “still vigorous.”在同一时间内，经过一提的这个因素作为主要下跌的风险，对经济的向前迈进，他接着说，他认为没有约束的贷款和临屋区tmoney和信贷增长“仍然严厉” 。

Altogether, the ECB’s hawkishness was not unexpected; but the optimistic view for economic growth amid the global downturn and ongoing credit crunch was not fully factored into the market.共有，欧洲央行的hawkishness并不令人意外，但乐观的看法，经济增长中，全球经济下滑和持续的信贷紧缩并没有充分考虑到市场。 And, while there were comments that suggested the group would not lift rates in the foreseeable future, they are still far more hawkish than their American, British and Canadian counterparts.和，则有评论认为，建议该集团将不会加息在可见的将来，他们仍远远更为强硬比美国，英国和加拿大的对口单位。 With rate forecasts showing little sign of yielding, the fundamental strength of the euro may weather otherwise significant declines in future economic indicators.与率的预测显示，小的迹象，高产，最根本的力量，欧元的天气，否则可能会显着下降，在未来的经济指标。

Written by: John Kicklighter, Currency Analyst for DailyFX.com 写者： John基克莱特，货币分析师dailyfx.com