A seeming peculiar development is the rise in Eurozone money market rates despite the ECB having started to massively expand its balance sheet. As a reminder, the bank is scheduled to buy another 1.1 trillion euros in bonds this year, plus it boosted the potential uptake for the TLTROs to 3.0 trillion euros from 1.8 trillion euros (note: current uptake about 700 billion euros). Below we present the monetary policy related assets and liabilities on the ECB’s weekly balance sheet.

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