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No, I haven't missed any big program.

The ECB bought on the order of 1 % of all outstanding covered bonds over the course of less than two years. The piddling little Johnny-come-lately Securities Market Program amounted to less than a third of a percent of outstanding Treasury issues at its best, and was rolled out over two and a half years.

Size really does matter, and the ECB has been consistently undersizing its sovereign bond interventions.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Mar 15th, 2015 at 07:18:51 PM EST
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