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ECB Slows Bond-Buying Despite Strong Warnings on Yields

  • Pandemic purchases amounted to 16.9 billion euros last week
  • Panetta is latest saying steepening yields must be resisted
European Central Bank headquarters in Frankfurt.

European Central Bank headquarters in Frankfurt.

Photographer: Martin Leissl/Bloomberg
Updated on

The European Central Bank slowed emergency bond-buying pace last week, suggesting policy makers mostly relied on verbal interventions to stem rising yields that jeopardize the region’s economic recovery.

Gross purchases settled under its pandemic emergency program totaled 16.9 billion euros ($20.3 billion) last week, the least in four weeks. That’s despite multiple top officials warning that the euro area might not be able to cope with higher borrowing costs.