Wealth Management Review - Turbulent start to 2015 Blue Horizon January 2015 

On 22 January the ECB announced a quantitative easing program, which exceeded market expectations. The ECB will buy bonds – government bonds, agencies, covered bonds and ABS – worth EUR 60 bn per month, beginning in March. The purchase program will continue at least until September 2016 and until there is a sustained adjustment in the inflation path consistent with the ECB’s inflation target. The fact that the program is, in principle, open ended has been the biggest surprise. 

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