ECB leaves rate constant, Trichet cites inflation pressures are contained

Via BW:
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.

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