Since the Governing Council’s previous monetary policy meeting on 14-15 April 2015, the implementation of the ECB’s expanded asset purchase programme (APP) had continued smoothly in a market environment characterised by rising euro area government bond yields and bouts of volatility, with the higher levels of excess liquidity putting downward pressure on euro money market rates. The increased volatility and pick-up in bond yields had had some spillover effects on other global bond markets. Regarding developments in the euro area bond markets, the period since the April monetary policy meeting had been characterised ... (full story)