By casting his net as wide as the program allows, Draghi ensured that the first day of corporate bond purchases made an impact. While the ECB has said it would buy bonds from companies with a single investment-grade rating, investors expected the central bank to start with the region’s highest-rated securities.
The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to sustained strength in the labor market despite a sharp slowdown in hiring last month.
Benchmark German government bond yields briefly hit all-time lows on Wednesday, on the same day the European Central Bank kicked off purchases of corporate bonds as a part of its aggressive economic stimulus program.
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