Guggenheim Partners' Scott Minerd told CNBC on Thursday the European Central Bank is going to have to buy a lot more bonds than the Federal Reserve did if it wants to boost the euro zone economies.
Guggenheim's chief investment officer spoke just after ECB President Mario Draghi announced the launch of an expanded monthly 60 billion euro ($70 billion) private and public bond-buying program that will last until at least until September 2016.
"I think it's ultimately going to take a lot more than we did in the United States to get this thing going," Minerd said on "Squawk Box" from the World Economic Forum in Davos.
He said the deadline was to mollify the Germans and keep the financial markets in check. "I find Dr. Draghi to be very politically astute. He will probably have to do a lot of maneuvering if he really wants to take this thing beyond," Minerd said.
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The initial reaction in the U.S. and European bond markets—prices falling and yields rising—seems to indicate that investors see this action as stimulative, he admitted, though he personally believes it won't be enough.
This long-anticipated asset-purchasing program is being seen as the euro zone's answer to the Fed's quantitative easing strategy, which ended in October. The Fed's program had swelled its balance sheet past $4.5 trillion.
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