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Net Asset Purchase Decline Stalls As Summer Ends

ECB

ECB weekly net asset purchases came in at +E1.3bln last week, with a small rise in the PEPP portfolio (+E1.5bln: E3.0bln of purchases, E1.5bln of redemptions) offsetting declines in PSPP, CSPP, and ABS (each negative E0.1bln for a total -E0.3bln in APP holdings).

  • The 4-week moving average of the change in APP holdings is -E12.4bln, vs -E24.4bln the week prior.
  • The latter of course is more consistent with estimates that the ECB would run off about E25bln monthly in APP.
  • Total assets held for monetary security purposes have actually risen to a 3-week high, though at E4.96T are E154B below the peak.


ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
7-Jul-23-0.50.0-0.60.02.41.3
14-Jul-23-1.1-0.4-1.70.03.70.4
21-Jul-23-13.90.0-0.4-0.3-4.1-18.8
28-Jul-23-4.6-0.5-0.5-0.11.3-4.4
4-Aug-23-11.9-0.20.0-0.1-2.8-15.0
11-Aug-230.00.00.00.02.42.3
18-Aug-23-10.40.0-0.6-0.1-4.8-16.0
25-Aug-23-0.40.0-0.4-0.20.5-0.5
1-Sep-23-0.10.0-0.1-0.11.51.3
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