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Net Asset Purchases Negative Again, With APP Decline Picking Up

ECB

Net ECB asset purchases were negative E1.3bln in the week ending Mar 10, a slight retracement from negative E5.2bln the week prior. Both weeks saw sizeable reductions in the size of PSPP holdings (E2.6bln on average), offset by PEPP net buys rebounding to E1.5bln to Mar 10 vs a E2.3bln drawdown the week prior.

  • This included sizeable redemptions last week, including E6.6bln for PSPP and E4.1bln for PEPP.
  • The ECB started allowing the APP portfolio to run off at the start of March, with a targeted monthly average decline of E15bln until the end of June, after which the Governing Council will reassess.
  • The decline in the APP (total ex-PEPP) is proceeding along those lines so far, at E2.8bln last week, and E2.9bln in the week ending Mar 3 - the fastest two-week drop since early November.
  • There is no change expected to be announced to APP policy at Thursday's ECB meeting, but Lagarde may be asked about current thinking.
ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
13-Jan-234.51.7-0.20.01.47.4
20-Jan-23-6.4-0.3-0.2-0.2-4.2-11.4
27-Jan-234.0-0.70.5-1.74.76.8
3-Feb-23-2.10.6-1.1-0.1-1.8-4.5
10-Feb-233.3-2.00.40.02.94.6
17-Feb-23-3.51.20.8-0.1-1.0-2.6
24-Feb-231.3-0.40.3-0.2-0.60.3
3-Mar-23-2.80.7-0.6-0.3-2.3-5.2
10-Mar-23-2.40.4-0.80.01.5-1.3
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