Quantitative easing is not about to become quantitative squeezing – that is the assurance of European central banks to the bond market.

The repurchase, or repo, market depends on being able to sell and repurchase bonds at short notice, often overnight. Repo dealers might have been unnerved by the European Central Bank's announcement in March that not only was it increasing its bond-buying programme to €80 billion a month, it was extending it from government to commercial debt.