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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ECB
Looking at the ECB's securities holdings, which today's report showed totalled E4.86T at end-June, we saw a decline in holdings of just over E20bln vs May (for APP + PEPP). That marks a 3-month decline of E51bln, a small amount considering the total E4.9T in ECB PEPP + APP holdings, let alone the E7T+ size of the total balance sheet.
- The decline is set to accelerate. APP net purchases concluded in July 2022, with passive runoff of E15bln/month from Mar-Jun 2023 (which is roughly what we saw). But from July onward (as confirmed at the May ECB meeting) we get uncapped runoff.
- That's expected to result in the APP portfolio running off by E25bln per month.
- PEPP net purchases concluded end-Mar 2022 but reinvestments will continue for the foreseeable future.
Source: ECB, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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