ECB Buys €3.7 Billion In Bonds Last Week, Total Now €207 Billion: All Eyes Turn To Tomorrow's Sterilization Procedure

In a less than surprising turn of events, last week the ECB "only" bought €3.7 billion in peripheral bonds, which was to be expected considering the Fed announced the global FX liquidity swap rate cut on Wednesday morning providing a quite visible hand to push yields lower at least briefly, so in essence the ECB only had to keep the market up for half the required amount of time. Far more importantly, the total amount of bonds now carried on the ECB's books is €207 billion. This is

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