Looking ahead to a press conference with the ECB’s president, Jean-Claude Trichet, in a few minutes, someone with far too much time has devised a ‘keyword traffic light system.’ When/if to expect rate moves and by how much depends on what he says. The key phrases and what they’re supposed to signal, are below. N.B. this is mostly meant to be a bit of fun! ThSM — “Accommodative”: signals that rates are likely to normalize in the months ahead — “Strongly vigilant”: 1 month to next rate hike — “Monitoring very closely”: 2/3 months to next hike — “Very close monitoring”: 2 months to next hike — “Monitor closely”: 3/4 months to next high — “Appropriate”: rates to be left unchanged.