No front-loading this week
- ECB QE total purchases at €170.249B vs €159.60B prior
- Roughly €11 billion rise compared to €13 billion purchases last week in sovereigns
- ABS buys not at €8.155B vs €7.49B prior
- Covered bonds at €89.883B vs €87.25B prior
Sovereign buying slowed but the ECB picked up the pace of ABS and covered bond buying. It's odd they wouldn't try to lean against the sovereign selloff. Total purchases were only about €14 billion, which is short of the €15 billion needed to hit €60 billion/month and it doesn't show any evidence of front-loading before the Summer months.
