Last week, the European Central Bank began purchasing corporate debt. And everything was very transparent, as could hardly be otherwise. What are the consequences? I am among those who believe that markets anticipate the future, and a measure of this kind—announced almost three months ago—had already been largely priced in by the market: a tightening of “spreads” as a synonym for risk appetite (especially for the risk the central bank buys). The important thing is not so much to assess whether it has had an effect or not, but rather the reasons behind a measure of this kind.
