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Passive Phase of ECB QT Gets Underway Today

ECB
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  • As a side note for markets and macro, with today marking the 1st of March, the ECB's quantitative tightening plans get underway. The initial average pace of QT will be EUR 15bln (on average) per month across March - June. The pace for H2 this year remains up for review.
  • This quantitative tightening phase is passive, not active, meaning the bank end the reinvestment of 100% of the proceeds of maturing bonds, and are not at this stage conducting outright sales.
  • February's policy statement outlined their intention to initially tilt partial reinvestment toward corporate bonds, particularly toward issuers with better climate performance - full modalities statement found at this link.
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  • As a side note for markets and macro, with today marking the 1st of March, the ECB's quantitative tightening plans get underway. The initial average pace of QT will be EUR 15bln (on average) per month across March - June. The pace for H2 this year remains up for review.
  • This quantitative tightening phase is passive, not active, meaning the bank end the reinvestment of 100% of the proceeds of maturing bonds, and are not at this stage conducting outright sales.
  • February's policy statement outlined their intention to initially tilt partial reinvestment toward corporate bonds, particularly toward issuers with better climate performance - full modalities statement found at this link.