The ECB Holds Fast, Holds Serve, and Goes 50 Basis Points.

Inflation is actually a bigger problem in Europe. If you look at the blended rate, the CPI rate for the Eurozone, it was 8.6 last month. We'll see how it plays itself out. They're saying inflation is still a bigger problem than whatever systemic risk people are talking about. And if we don't pump liquidity and we let the market rip, especially with the trends in place that are going on right now, thatLiquidity piece is going to send inflation higher down the road. I think they should hike 25 basis points. Now, and I said in my note multiple times, I don't get a vote. If I had a vote, I would vote for