The number of officials calling (or not quite calling) bottoms in markets is growing. Markets meanwhile, are studiously ignoring the trend.
The head of the European Central Bank and some other central bankers said Monday the world's economy is still slowing, but suggested a turning point could be near as massive fiscal stimulus packages, low interest rates and cheaper energy prices bolster prospects for growth.
"We're approaching a moment where we might have a pickup," said European Central Bank president Jean-Claude Trichet, in his most optimistic assessment to date of tentative signs of stabilization in some markets. He cited a modest rebound in corporate bond markets as one positive sign. Mr. Trichet spoke to reporters on behalf of participants in a meeting of central bankers from the world's leading economies at the Bank for International Settlements in Basel, Switzerland.
And while we are on that subject, since China seems to have gotten instant results out of their stimulus efforts, who put the cinder blocks in the United States' bookbag?
People's Bank of China Vice Governor Yi Gang said Monday the fiscal stimulus measures announced by China so far are appropriate and already seem to be working. "At this point, I think the current package of the fiscal stimulus is sound and it seems already effective," Mr. Yi told reporters in Switzerland. "So at this point, I think the current stimulus package is fine."