J.P. Morgan Asset Management - The Weekly Brief

06.04.2020 11:30 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Weltweit haben die Regierungen grosse Konjunkturpakete angekündigt, um die wirtschaftlichen Folgen von COVID-19 einzudämmen. Die aufgeblähten Staatshaushalte werden künftig eine enorme Emission von Staatsanleihen erfordern; trotzdem liegen deren Renditen weiterhin nahe an den Rekordtiefs. Warum? Die Zentralbanken haben ihre Ankaufprogramme hochgefahren, um sicherzustellen, dass die kommende Angebotswelle vom Markt gut aufgenommen wird. Die Europäische Zentralbank (EZB) will 2020 Wertpapiere von über 1 Bio. EUR kaufen, und auch die Bank of England wird Käufe von 200 Mrd. GBP vornehmen. Die US-Notenbank Federal Reserve ist noch einen Schritt weiter gegangen und hat sich uneingeschränkt zum Kauf von US-Staatsanleihen verpflichtet. Die Renditen langfristiger Staatsanleihen werden in nächster Zeit vielleicht nicht viel weiter sinken können; allerdings bemühen sich die Zentralbanken intensiv darum, einen sprunghaften Anstieg der Renditen zu verhindern, der eine staatliche Kreditaufnahme erheblich verteuern würde.

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