J.P. Morgan Asset Management - The Weekly Brief

13.08.2018 14:00 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die Bank of England (BoE) erhöhte bei ihrer Sitzung im August die Zinssätze um 25 Basispunkte

auf 0,75 %. Gouverneur Carney betonte, dass weitere Zinserhöhungen allmählich erfolgen

würden. Hinsichtlich der Bedeutung des Wortes „allmählich“ scheint es in Grossbritannien und in

den USA jeweils unterschiedliche Auffassungen zu geben. Laut den Leitzinsprognosen der USNotenbank

(Fed) sind mit „allmählich“ scheinbar etwa vierteljährliche Zinserhöhungen um 0,25 %

gemeint. Bei der Bank of England geht der Markt hingegen davon aus, dass „allmählich“ eine

Erhöhung von 0,25 % pro Jahr – und nicht pro Quartal – heisst. Im Gegensatz zur Fed, die die

Zinsen bis Juni nächsten Jahres auf 3 % erhöht haben dürfte, würden die Zinsen bei den

allmählichen Zinsschritten der BoE auf einem immer noch sehr niedrigen Niveau verharren. Falls

die Brexit-Verhandlungen jedoch zu einem relativ weichen Brexit führen, könnte die BoE die

Zinsen etwas schneller als derzeit erwartet erhöhen

JPMAM_The Weekly Brief_13.08.2018.pdf

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