DEBORAH MARCHINI, CNN ANCHOR: Back now with his take on the markets, John Davidson, chief investment officer at Circle Trust. And it's great to have you with us this morning.</s>JOHN DAVIDSON, CHIEF INVESTMENT OFFICER, CIRCLE TRUST: Good to be here.</s>MARCHINI: The statement from the European Central Bank today -- significant?</s>DAVIDSON: Well, I think the big thing is the big difference between European Central Bank and the U.S. Central Bank. The U.S. central bank looks at both growth and inflation and tries to balance those, whereas the European Central Bank's real emphasis is just on inflation, and that's what the charter is. And I think it makes it difficult for them to lower rates now, because right now the inflation rate is still above their target of 2.5 percent, and that's one of the differences between what's going on there and here. Here I think expectations are that the Fed cuts are going to spur some growth at a greater rate than we're going to see in Europe, as a result.</s>MARCHINI: The corporate reports that we're seeing seem to indicate that things have weakened further, at least in the tech sector in Europe, and probably some other businesses as well. Is the ECB making a mistake here?</s>DAVIDSON: Well, I would think so. But again, their charge is not to have growth, their charge is to keep inflation at bay, and I think that hamstrings them a little bit.</s>MARCHINI: All right, John Davidson, we'll be talking with you a little bit more, in a few moments.
John Davidson of Circle Trust: European Central Bank Focuses on Jobs