ECB Moves to Scale Back COVID-Era Bond Buying

When is a taper not a taper at all?

When it’s the European Central Bank doing the bond-buying. In a feat of quantum semiotics, the ECB inhabited two states simultaneously in its September 9th policy meeting statement: scaling back bond purchases to a “moderately lower pace” while also insisting, in the words of ECB president Christine Legarde, that “the lady isn’t tapering.”

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