Just what you would expect from Trichet as he maintains his inflation focus but acknowledges growth slowed in the middle of 2008 and downside risks to the economy prevail.
US productivity data suggests no wage pressures are imbedded in the US economy. Unit labor costs actually fell. Jobless claims rose.
EUR/USD has slumped back to 1.4450 from the 1.4490s headed into the data/press conference.