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Net Purchases Rebound, But Summer Doldrums Continue

ECB

ECB net asset purchases rebounded to E21.6bln in the week ending Aug 6, vs E9.0bln in the prior week. This was driven by PEPP net buys (E16.4bln vs E10.7bln) and a reversal from contraction to expansion for PSPP purchases (E3.3bln vs negative 2.6bln).

  • That said, this was the end-lowest total since the start of July and one of the slowest weeks for PEPP buys of the year.
  • The previous week's slowdown wasn't seen as anything but the usual summer lull in purchases, and it's unlikely that the most recent week's fairly weak rebound will be of great concern to markets.
ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
18-Jun-216.00.62.7-0.119.428.6
25-Jun-217.60.20.2-0.424.331.9
2-Jul-21-2.60.00.50.115.713.7
9-Jul-21-0.10.51.40.122.124.0
16-Jul-213.90.41.60.022.127.9
23-Jul-218.30.61.10.022.832.8
30-Jul-21-2.60.10.80.110.79.0
6-Aug-213.30.61.4-0.116.421.6

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