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Weekly Purchases Bounce Back, Still Relatively Subdued

ECB

ECB net purchases rebounded to E12.4bln in the week ending March 4, vs E2.6bln the prior week (which was the lowest total of 2022).

  • PEPP net buys jumped to E7.7bln (reflecting E3.3bln of redemptions) vs a 2022-low E0.3bln the prior week, while PSPP net buys also recovered to E4.7bln from E0.5bln.
  • Conversely, we saw slowdowns in Covered Bond (slowed by E2.8bln in redemptions) and CSPP buys; ABS dipped only slightly.
ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
21-Jan-222.1-1.02.4-0.310.313.4
28-Jan-229.4-2.21.7-1.514.722.1
4-Feb-22-0.4-0.11.20.016.517.2
11-Feb-224.50.51.50.213.320.1
18-Feb-223.41.01.40.110.916.8
25-Feb-220.50.21.9-0.30.32.6
4-Mar-224.7-1.01.1-0.17.712.4

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