Draghi delivers, but what does ECB move mean for investors?

Bond managers have said the European Central Bank's move to cut rates and start buying asset-backed securities in Europe means it is now unlikely to implement a mainstream QE programme.

ECB president Mario Draghi said yesterday the central bank will begin a long-awaited asset purchase programme in the coming months, including residential mortgage-backed securities, as well as asset-backed securities and covered bonds. Draghi also revealed a glimpse of the tensions behind the scenes, noting full blown QE was "discussed" among council members. The main dissenter remains Germany, with its own central bank chief widely reported to have opposed the latest moves by the ECB. Berenberg senior economist Christian Schulz said the announcement suggests QE plans are off the t...