The ECB maintained the current pace of bond purchases and pushed forward the decision on scaling down the flow of buying into September. The ECB’s stance suggests higher yields will have to wait for a bit longer. • Current pace of bond purchases maintained • The real debate on scaling down the bond purchases likely ahead only in September • We expect lower bond purchases already in August and see net purchases under PEPP ending in March 2022 • The continued high pace of ECB buying supports yields at close to current levels over the coming few months, but we see higher long yields, steeper curves and wider ... (full story)