A post by @FirstSquawk on X.
ECB'S SCHNABEL STATES THAT AFTER THE LEGACY PORTFOLIOS HAVE DISSOLVED ENOUGH, A LONG-TERM SECURITIES PORTFOLIO WILL BE SLOWLY DEVELOPED.
@FirstSquawk on X
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ECB executive board member Isabel Schnabel said the central bank will gradually build a long-term securities portfolio once its legacy holdings have been wound down sufficiently. The remark signals that the ECB intends to keep a structural bond presence rather than shrink its balance sheet to pre-crisis norms. No figures for the portfolio's size or timeline were given. The comment matters because it hints at how the Eurosystem's footprint in euro-area debt markets may persist after quantitative tightening ends. Investors will watch upcoming ECB communications and balance-sheet data for clues on the pace of runoff and the eventual portfolio's scale.
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Isabel Schnabel, ECB