(Bloomberg) -- The European Central Bank’s Governing Council will probably debate the timing of quantitative tightening at its Oct. 27 meeting, and Bloomberg Economics expects the actual reduction of the balance sheet to kick off in March. ECB data show nearly 1% of APP holdings will mature each month, suggesting a decade or more may be required to completely offload those bond purchases. Like other central banks, the ECB could implement active securities sales to hasten the shrinkage of its balance sheet, though BE expects the Governing Council to tread cautiously.

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