ECB QE lowers yields via portfolio reshuffling – research


The planning and announcement of the European Central Bank’s public sector purchase programme, in late 2014 and early 2015, lowered German Bund yields through portfolio rebalancing, rather than through signals of delayed rate rises, research published by the ECB finds.

Dissecting long-term Bund yields in the run-up to the ECB’s Public Sector Purchase Programme, by Wolfgang Lemke and Thomas Werner, sets out to explain through what channels the PSPP, which saw the ECB buy bonds in the secondary

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