After promising a “significant” increase in bond purchases in March, the ECB Governing Council will not make any policy changes at next week’s meeting. Officials may try again to explain how they judge whether financing conditions are favourable, but the more they say, the less clear their message seems to be. Meanwhile, the Bank will continue with PEPP purchases of around €15-20bn per week for the coming month or two, meaning bond yields will probably stay around their current levels.
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