ECB leaves rate constant, Trichet cites inflation pressures are contained
The European Central Bank's president still thinks longer-term price pressures in the 17-country eurozone remain contained despite "short-term upward pressures" on inflation.
Though Jean-Claude Trichet didn't toughen his message on inflation from last month, he reiterated that "very close monitoring" of inflation is "warranted" -- a formulation of words that in January raised questions as to when the cost of borrowing might rise.
He said Thursday that inflation is likely to stay slightly above 2 percent over the coming months before receding.
The ECB's target is to keep inflation "close to, but below" 2 percent.