European Central Bank policymakers discussed earlier this month a detailed timeline for running down a 3.3 trillion euro bond portfolio and envisioned the start of quantitative tightening sometime in the second quarter of 2023, sources told Reuters.
The ECB could already tweak its language on reinvestments at its October meeting and then could provide a detailed plan possibly in December but more likely in February, according to three sources who spoke on condition of anonymity.
A seminar presentation at the central bank's Cyprus meeting in early October saw an end to full reinvestments in the second quarter of next year, with some policymakers mentioning earlier dates and others advocating June.The debt pile would be run down by not reinvesting all the cash from maturing debt rather than outright sales and the ECB would aim to exercise widespread flexibility in how this would be done.
Policy hawks, normally advocates of tighter policy, also appeared to be on board with this plan, the sources said, as they are prioritising rate hikes and saw the balance sheet question as a secondary issue.
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