Draghi Says Stock of ECB's QE Holdings Has Become More Important

(Bloomberg) -- ECB’s guidance on reinvestment is not related to rates, President Mario Draghi says in a press conference in Frankfurt on Thursday.

  • The sequence stays where it is, Draghi says
    • Reiterates that interest rates are expected to remain at their present levels for an extended period of time and well past horizon of QE
  • Reinvestment an important part of QE policy, will be carried out in a flexible way
    • Says QE design is flexible enough to cope with any limits, ECB didn’t discuss QE parameters, limits today
  • Reinvestment is “sizeable,” Vice President Constancio says, restoring QE stock is producing market effect

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