According to ECB officials the ECB is set to gradually wind down bond purchases once the QE programme ends , see Bloomberg . The ECB officials said an informal consensus has built among policymakers that QE will be tapered once the programme ends. The tapering may be in steps of EUR10bn per month, which would be similar to the Fed's tapering. The news came as a surprise, as Draghi had previously said that the ECB had not discussed these topics, sending EUR/USD above 1.20 and 10Y German yields up 4bp.
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