ECB chief Trichet is on the wires expanding on the remarks at the press conference earlier today. He says the events we are experiencing now are unprecedented since World War II. Economic risks are now tilted to the downside and inflationary factors are receding. We’ve heard it all before, which calls into question his ongoing concerns over second-round effects while all the evidence points in the opposite direction.
On the political front, House leader Hoyer lays the burden of passing the rescue bill on the Republicans, saying the Democrats will vote for the bill in about the same numbers as Monday.