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Net Purchases Slowed Sharply Last Week

ECB

The ECB's net purchases amounted to E5.5bln last week, the lowest total of 2021, and a big slowdown from E26.4bln the previous week. The major contributors to this slowdown were PSPP buys contracting for the first time since late July, and the slowest PEPP buys of the year at E8.2bln.

  • That said, these are 'net' purchases - redemptions and quarter-end adjustments were large (at a total of E10.8bln) which might make this a misleading figure in terms of a changing trend - rather than a sign of the "moderately lower pace" of PEPP purchases announced at the Sep GC meeting.
ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
13-Aug-214.80.10.70.017.222.8
20-Aug-213.10.30.9-0.216.620.7
27-Aug-212.60.30.9-1.511.513.8
3-Sep-214.00.01.90.016.722.6
10-Sep-210.30.42.40.014.717.8
17-Sep-210.21.11.10.119.121.5
24-Sep-215.80.70.3-0.720.426.4
1-Oct-21-1.8-1.0-0.10.28.25.5

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