European Central Bank president Jean-Claude Trichet said market expectations for a May 4 ECB rate hike do not correspond to the ECB's own thinking. He also said that markets are wrong if they think that the ECB will not move rates at meetings held away from its Frankfurt headquarters. After the May meeting, the ECB holds its next monetary policy meeting in Madrid on June 6. Responding to questions at the ECB's monthly news conference, Trichet said the ECB will have a "wealth of new information" by the time of the Madrid meeting, including the latest quarterly growth and inflation forecasts from central bank staff. He also said that the ECB is 'in a process of normalisation' of interest rates, having already raised rates twice in recent months and possibly raising them again in future. But he said the ECB takes decisions based on an assessment of inflation risks. So far the ECB has not yet identified any "second round" inflation effects from the rise in oil prices, he said.