when everyone was thinking that this liquidity facility could be a huge game changer, it seems now that ecb is sterilising all the money lended this morning.
as soon as the full amount lended was known, yields in the periphery start rising. as now banks have more money to buy... who is taking the opportunity to sell?
my main guess is that ECB is taking the opportunity to deleverage its balance sheet and started to sell. this leaves the game unchanged, althought shifts the risk back again to the banking sector.
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