Conversely, as shown in the right panel, funds rate expectations have shifted upward over the past several months in response to more-positive economic news and greater confidence that a self-sustaining economic recovery may be taking hold.
Jean-Claude Trichet: The successful entry of Cyprus into the euro area Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the Conference “Welcoming Cyprus to the euro area”, Nicosia, 18 January 2008. *  *  *  Ladies and Gentlemen, It is a great pleasure for me to attend this conference celebrating your adoption of the euro.