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Asset Reduction Stalls In First Half Of July, Should Pick Up

ECB

ECB net purchases of assets held for monetary purposes totalled E0.4bln last week, with the grand total this month at E1.7bln.

  • Net PEPP purchases have been solidly positive the past couple of weeks (+E6.1bln total), vs contractions in each of the other major asset portfolios (led by CSPP -E1.3bln, PSPP -E1.6bln).
  • This contrasts with an E20bln drop in June amid strong redemptions.
  • Overall the decline is set to accelerate for the E4.9T in ECB PEPP + APP holdings.
  • APP net purchases concluded in July 2022, with passive runoff of E15bln/month from Mar-Jun 2023, and uncapped runoff from July onward. The latter is estimated to represent a pace of E25bln per month (was just E4.3bln the first half of July, composed entirely of redemptions).
  • PEPP net purchases concluded end-Mar 2022 but reinvestments will continue for the foreseeable future.
ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
2-Jun-232.1-0.3-0.6-0.10.61.8
9-Jun-23-0.2-1.2-0.80.11.1-0.9
16-Jun-23-8.1-0.6-0.5-0.1-3.1-12.4
23-Jun-23-1.70.10.1-0.30.3-1.6
30-Jun-23-3.2-0.8-0.6-0.1-2.7-7.3
7-Jul-23-0.50.0-0.60.02.41.3
14-Jul-23-1.1-0.4-1.70.03.70.4
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