This chart shows how long-term sovereign yields in a number of countries have reacted to selected pieces of ECB communication in the six months leading up to the start of QE. We look at the reaction of sovereign-bond yields in the two days following each piece of communication.
Summing over the 17 pieces of communication included in the study, we arrive at the effects that you can see here. 1  It could be pointed out that the suspension of government-bond issuances by the Danish government to stem capital inflows caused some fluctuations in Danish yields.