ECB Cut Debt Purchases To A Trickle As Operation "Kick Silvio Out" Proceeded

As was just reported by the ECB, the amount of debt monetizations (sterilized supposedly, but when the banks exist purely due to ECB funding it is not really sterilization) in the past week was €4.5 billion. As explained previously, this does not include T+3 operations since Wednesday which have yet to settle, and which is where the kicker is as can be seen on the chart below as the move from 82 to 89 on the 4.75% of 2021 occurred on Thursday and Friday. The week's number is notable because in the week before €9.5 billion was monetized (bringing the total purchases under the SMP to €192.5 billion). Of course, by Thursday Silvio was out. And that's when the buying really started. Expect to see a surge in the next week's reported ECB purchases even as the Italian bond market once again begins selling off.

Bond purchases by the SMP:

And the move in BTP prices since two Wednesdays ago, showing what today's report accounts for.