Trichet's Final Policy Conference -- Bank Refi, Covered Bonds, But No Rate Change

European Central Bank President Jean-Claude Trichet is gave his last press conference on a monetary policy decision as the head of the bank today in Berlin, beginning at 8:30 AM EST.

His successor, Italian Mario Draghi, will take office on November 1.

The European Central Bank announced earlier this morning that it would keep interest rates unchanged, despite overwhelming concern that downside risks are increasing.

However, announcements about a new bank refinancing program and restarting the covered bond program bolstered markets briefly. However, that enthusiasm quickly faded.

The decision — while not unexpected — is bad news for the struggling periphery, where growth has already been sluggish.

It’s good news for Germany where the economy still seems to be going strong, even though industrial orders posted a huge miss this morning.

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