ECB Continues Steady Pace of ABS Buying

According to a recent Bloomberg article, the European Central Bank (“ECB”) maintained its steady pace of asset purchases last month in order to counter expected lower liquidity in the region’s summer vacation period.

The ECB bought €63.2 ($69.7) billion of public and private debt under its quantitative-easing (“QE”) program which included €51.4 ($56.8) billion of government and agency bonds, €10.2 ($11.3) billion of covered bonds, and €1.59 ($1.7) billion of ABS.

QE started in March with a purchase target of €60 ($66.5) billion per month of government and agency bonds, covered bonds and ABS. Eligible debt was expanded last week to include the debt of some state-backed companies.

The article states that policymakers intend to run the QE program until September of 2016, or until they determine that the eurozone inflation rate is back on track toward their goal of less than 2 percent. 

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