ECB Pandemic Purchases Stayed Muted Ahead of Pledge to Buy More

Bond purchases under the European Central Bank’s pandemic program stayed muted through the middle of last week, before the Governing Council agreed to step up buying to counter rising bond yields.

The institution settled 14 billion euros ($17 billion) of net purchases in the week ended March 12, slightly above the amount recorded in the previous two weeks. The figures are damped by redemptions and don’t reflect orders made Thursday and Friday.

Policy makers decided last week to “significantly” increase the pace of buying in coming months amid concerns that higher yields will halt the euro-area economic recovery ...