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Waiting for details of the tool the ECB comes up with for anti-fragmentation

ECB
  • So all in all, there's not much happening imminently from the ECB - citing its flexibility in reinvestment PEPP reinvestments. And acceleration of the completion of the anti-fragmentation instrument.
  • Market had probably been hoping for more here so we are likely to see some of the spread tightening of the day reversed.
  • The ECB has done something - that's welcome so we shouldn't go back to yesterday's close - but this in itself is unlikely to be enough to reverse the moves seen over the last quarter or so. For that we're still waiting for the details of the new tool.

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