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APP Runoff Settling In At Near E25bln Pace
Net assets held by the ECB for monetary policy purposes fell by the least in 5 weeks last week at -E2.0bln, with E1.5bln of net PEPP purchases (E4.3bln in gross purchases, E2.9bln of redemptions) more than offset by E3.5bln of APP roll-off.
- Net PSPP purchases were negative E2.3bln, a little less than the previous week's E4.4bln, with CSPP runoff accelerating to E1.2bln from E0.5bln prior.
- That brings the four-week rolling sum of net APP runoff to E27.6bln. In the past month it's averaged E22.5bln, close to the estimated average rate of E25bln for the foreseeable future.
ECB Net Asset Purchases W/E | PSPP | Cov Bd | CSPP | ABS | PEPP | TOTAL |
4-Aug-23 | -11.9 | -0.2 | 0.0 | -0.1 | -2.8 | -15.0 |
11-Aug-23 | 0.0 | 0.0 | 0.0 | 0.0 | 2.4 | 2.3 |
18-Aug-23 | -10.4 | 0.0 | -0.6 | -0.1 | -4.8 | -16.0 |
25-Aug-23 | -0.4 | 0.0 | -0.4 | -0.2 | 0.5 | -0.5 |
1-Sep-23 | -0.1 | 0.0 | -0.1 | -0.1 | 1.5 | 1.3 |
8-Sep-23 | -0.3 | -0.5 | -0.4 | 0.0 | 2.0 | 0.7 |
15-Sep-23 | -11.8 | -2.0 | -0.9 | -0.1 | -2.2 | -17.0 |
22-Sep-23 | -0.7 | -0.3 | -1.6 | -0.4 | -1.0 | -4.0 |
29-Sep-23 | -4.4 | -0.6 | -0.5 | -0.6 | -3.2 | -9.4 |
6-Oct-23 | -2.3 | 0.0 | -1.2 | 0.0 | 1.5 | -2.0 |
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.