Elections and markets: “Spread at acceptable levels, but ECB aid is not eternal”

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“The flexibility that the ECB has used in directing the Pepp purchases first, then the reinvestments of the expired securities has, up to now, allowed the Italian spread to remain at acceptable levels, but its effects will not last forever”. David Zahn is head of Franklin Templeton’s European bond investments and has a clear idea of ​​why the spread between BTp and Bund was all in all ignored by the market at a time when the ropes …