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ECB Will Likely Keep Quiet On Any Anti-Fragmentation Tool Until Needed

ECB
  • According to a Bloomberg article just published, ECB officials are 'determined' not to detail plans for fighting bond market stress.
  • As we recently suggested in our review of the June meeting, the ECB will likely want to keep any such tool in reserve until the point at which it will be actually deployed.
  • Since a significant part of the compression in spreads is likely to come from the 'announcement effect', as has been seen with various QE rounds across developed markets, announcing a new instrument now without actually deploying it could blunt the instrument in future periods of sovereign bond stress.
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