Dovish Taper with No Tantrum: Patience and Persistence

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The ECB delivered what the market expected in terms of the size and duration of the asset purchases.  The ECB initial statement also included a dovish reminder of the extent of the unorthodox monetary policy.  The full allocation of the fixed rate reports will continue as necessary.  The proceeds from maturing issues will be reinvested for an extended period, and rates will remain at current levels well past the end of asset purchases.  

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