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Net Assets Slip Further, But Nothing Dramatic Until QT

ECB

ECB net asset purchases came in at negative E4.8bln last week, the third consecutive week of declines, as the portfolio saw significant redemptions.

  • PSPP holdings fell E5.4bln on a net basis (redemptions of E9.5bln) and PEPP fell by E0.1bln (with E3.2bln in redemptions); CSPP and ABS redemptions were limited.
  • Net asset holdings under the asset purchase programme are now their lowest since net purchases ended in July, though just E20bln below the peak.
  • But that's on a near-E5trn in total holdings. The portfolio will fluctuate but not decline until QT begins, which is not expected to happen until 2023.
ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
9-Sep-22-0.5-0.40.40.0-0.7-1.2
16-Sep-22-5.7-1.4-1.30.0-1.1-9.4
23-Sep-225.50.30.7-0.4-1.94.2
30-Sep-22-3.40.20.1-0.1-3.6-6.9
7-Oct-221.10.9-0.20.3-1.50.6
14-Oct-224.50.30.10.04.89.7
21-Oct-220.40.20.5-0.2-3.2-2.4
28-Oct-22-4.20.7-0.20.3-0.1-3.6
4-Nov-22-5.40.70.1-0.1-0.1-4.8
Fixed Income BulletsHomepageEuropean Central Bank (ECB) Market NewsBulletMarketsEmerging Market NewsForeign Exchange Bullets

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