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ECB: Faster exit from bond purchases confirmed

Bu haber 14 Nisan 2022 - 13:31 'de eklendi ve kez görüntülendi.

The European Central Bank confirmed its plan to end the central bank's asset purchase program in the third quarter. The ECB plans a regular bond buying rate of EUR 40 billion per month in April, EUR 30 billion per month in May, and EUR 20 billion in June. PEPP bonds due to be reinvested until …
The European Central Bank confirmed its plan to end the central bank's asset purchase program in the third quarter. The ECB plans a regular bond buying rate of EUR 40 billion per month in April, EUR 30 billion per month in May, and EUR 20 billion in June. PEPP bonds due to be reinvested until at least the end of 2024. Deposit rate left at -0.5%, main refinancing rate at zero. Interest rates will not rise until we show inflation is sustainably at 2% with key price pressures supporting this target. In the standard monetary policy statement of the ECB, there is no reference to an early rate hike with a hawkish elaboration. So the standard status quo seems to be maintained in balance for now. We'll see if there are any extra references in Lagarde's comments. The expectation that asset purchases will end in the third quarter and that the first rate hike will be made at the end of the year, following the minutes announced last week in which hawkish signals came to the fore, is the basic scenario. Russia's aggression still poses a significant economic risk and potential to be a hedge for tightening. On the other hand, inflation has increased significantly and will remain high in the coming months, mainly due to the sharp rise in energy costs. At its meeting today, the ECB decided that the data since its last meeting strengthened the expectation that net asset purchases under the asset purchase program should be completed in the third quarter. Calibration of net purchases for the third quarter will depend on the data. We will be looking for new references in Lagarde's statements. In addition to the ECB's monetary policy statement, its actions on side instruments such as spread control are also important. The Fed is accelerating and the interest rate differentials will widen. We think that the ECB will follow the Fed verbally, but we evaluate that it will not be able to catch a level that will protect the difference proportionally. Kaynak Tera Yatırım Hibya Haber Ajansı