ECB announces QE end but still dovish on rate hike

By Lewis McLellan
14 Jun 2018

The European Central Bank announced on Thursday that it will bring its €2.5tr asset purchase programme to an end in December. However, the assertion that hikes to its deposit rate would not come before September 2019 lent the proceedings a dovish note.

German 10 year paper is yielding around 6bp less than before ECB president Mario Draghi’s announcement, while Italy’s 10 year yield is down by 7bp.

Otto Weyhausen-Brinkmann, head of funding at KfW, said the early reaction “was rather muted” and added: “The dovish forward guidance outweighs the hawkish ...

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