But as I just said: the initial effect of our purchases will spread to other assets and other markets. So there will be a reinvestment of the liquidity. Those having sold corporate bonds will rebalance by buying other things. Some people will question the need for such a measure.
They are right in saying that the situation is not dramatic, but I would stress that it is still fragile. Yes, we can see that the situation is improving, as, for example, unemployment is coming down. But we have not reached the “escape velocity” yet where the rocket is not bound by gravity anymore.