ECB intends to discontinue reinvestments under the PEPP at the end of 2024.

Source: https://www.forexlive.com/news/weekly-market-recap-11-15-december-20231215/

I believe short-term downsides are getting apparent with reinvestments impeding margin expansion and potential downside risk to the top line in F24.

Source: https://seekingalpha.com/article/4591162-autodesk-stock-short-term-pain-overweigh-long-term-bullish-outlook-downgrade-hold?source=feed_all_articles

The ECB could skew PEPP reinvestments towards certain countries and the scheme’s demise leaves it with the Transmission Protection Instrument (TPI), an untested bond buying programme that has a much higher bar for deployment.

Source: https://cyprus-mail.com/2023/12/14/ecb-leaves-rates-unchanged-starts-pulling-plug-on-bond-buys/