Tony Crescenzi, Andrew Bosomworth, Mike Amey, Ben Emons
“All warfare is based on deception.” – Sun Tzu, The Art of War
“The secret of war lies in the communications.” – Napoleon Bonaparte
“In war, resolution; in defeat, defiance; in victory, magnanimity.” – Winston Churchill
“It does not require a majority to prevail, but rather an irate, tireless minority keen to set brush fires in people’s minds.” – Samuel Adams
“History teaches that wars begin when governments believe the price of aggression is cheap.” – Ronald Reagan
Jean-Claude Trichet, President of the European Central Bank (ECB), announced last month that “strong vigilance” is needed to ensure price stability. Thank goodness. In pre-announcing a likely tightening of monetary policy next month, President Trichet broke ranks with other major central banks by acknowledging the risks to headline inflation posed by loose monetary policy and rising commodity prices. While that is welcome, the disparity of economic performance in the euro area will constrain the ECB in both the means and extent to which it can normalize policy.
No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. Pacific Investment Management Company LLC, 840 Newport Center Drive, Newport Beach, CA 92660, 800-387-4626. ©2013, PIMCO.
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