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PEPP change - and new reference to unit labour costs in statement

ECB
  • Full paragraph on PEPP: "The Governing Council also decided today to advance the normalisation of the Eurosystem’s balance sheet. It intends to continue to reinvest, in full, the principal payments from maturing securities purchased under the pandemic emergency purchase programme (PEPP) during the first half of 2024. Over the second half of the year, it intends to reduce the PEPP portfolio by €7.5 billion per month on average. The Governing Council intends to discontinue reinvestments under the PEPP at the end of 2024.
  • First time the ECB has mentioned unit labour costs in the statement - tying them into underlying inflation and the core CPI forecasts: "Domestic price pressures remain elevated, primarily owing to strong growth in unit labour costs."
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