Small-Scale Asset Purchases
a.k.a. SSAPs
Central bank bond buying on a modest scale, aimed at keeping markets working smoothly rather than at boosting the economy.
Small-scale asset purchases (SSAPs) are the lighter cousin of large-scale asset purchases. Instead of buying trillions of dollars of bonds to drive down long-term rates, the central bank buys smaller amounts, often short-term bills, to keep enough reserves in the system or to calm a market that is not functioning properly.
Central banks are usually keen to stress that these purchases are technical plumbing, not QE, even if markets sometimes treat them as a sign of easier policy.
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