ECB's Christian Noyer is playing it straight down the middle
- ECB QE pushes other market actors towards risky assets
- ECB wants to revive ABS market
- There is little appetite to move deeper into negative rates
While the ECB have said rates are at the lower bound and bond yields applicable to QE are limited to the negative rate, there's no reason why the ECB couldn't adjust those rates further negatively if bond buying pushes too many bonds out of the shop window