For those European banks who enjoy the drug of cheap money, get it while you can (next Wednesday) because the supply may stop according to ECB member Nowotny who said “I personally don’t see any further need for action.” ECB members know the dependency they are attracting and know the dangers that it entails according to other recent comments. Bloomberg’s survey of economists has the mean take from the ECB at 470b euros vs 489b in the 1st one. After the recent QE actions by the BoJ, BoE, next week from the ECB and the Fed’s last move to keep rates low for years to come, global cheap money credit traffickers may finally take a break especially now that inflation is becoming a problem, as measured by rising inflation expectations led by energy prices. AAA this morning said gasoline prices went up another .03+ for a 2nd straight day to $3.65, slightly below the highest since July in the heart of last summer’s driving season. In Europe, French consumer confidence rose 1 pt but Italian retail sales had the biggest m/o/m drop since July ’04 falling 1.1%, twice expectations. In Asia, the Shanghai index rose for a 6th straight day to the highest since mid Nov, riding the easing wave there.