The ECB may soon start discussing ending reinvestments on its €3.3 trillion portfolio but no decision is likely next month, according to sources cited by Reuters.
The ECB is instead focused on using its main refi rate as the lever for policy and that fits in well with prior guidance of continuing reinvestments for "an extended period" beyond the first rate hike. The market didn't react to the report and the euro is unchanged on the day at 0.9968.
The ECB will have €337 in bonds maturing in the year ahead.
