Don’t play Jean-Claude Trichet at poker. He has successfully called the bluff of that high-stakes gambler, Mr Market. After raising the prospect of a QE2-style effort to launch big unsterilised bond purchases, the European Central Bank president explicitly ruled out quantitative easing, and the market fell into line. After a wild week, Spain’s borrowing costs are slightly cheaper than when the week started. Portuguese two-year yields tightened by 78 basis points on Thursday alone. The euro is heading upwards once more.
千萬別和讓-克勞德•特里謝(Jean-Claude Trichet)玩撲克。他剛剛成功地讓「市場先生」這位豪客攤了牌。在提高了市場對歐洲央行(ECB)出臺二次定量寬鬆式的措施、大規模購買未沖銷債券的預期後，這位歐央行行長又明確排除了定量寬鬆的可能性，於是市場繳械投降了。經歷了瘋狂的一週後，西班牙的借貸成本較周初略有下降。僅在週四一天，葡萄牙兩年期債券收益率就收縮了78個基點。歐元匯率再次進入上行通道。
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