Corporate QE returns, for good or ill

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By Mike Turner
12 Nov 2019

The European Central Bank let markets look under the bonnet of its new Corporate Sector Purchase Programme on Monday, and the only thing the raw data has confirmed is that omnipotent central banks like to move in mysterious ways seemingly at odds with what the market wants or needs.

Analysts were eagerly waiting to find out how much the ECB spent on corporate bonds since it fired up its balance sheet again at the beginning of this month. 

Historical data shows that the central bank spends around 10% of its wider bond buying programme on corporate debt, meaning ...

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