J.P. Morgan Asset Management - The Weekly Brief

15.06.2020 16:29 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Auf ihrer Juni-Sitzung stellte die US-Notenbank Federal Reserve (Fed) klar, dass die Zinsen noch lange niedrig bleiben werden. Alle stimmberechtigten Mitglieder im Offenmarktausschuss erwarten, dass die Zinssätze bis 2021 konstant bleiben. Nur zwei Mitglieder prognostizieren Zinserhöhungen für 2022. Nachdem die Fed im März den Kauf von Unternehmensanleihen und unbegrenzter Mengen an Staatsanleihen zugesagt hat, rechnen wir im Laufe des Jahres mit weiteren Einzelheiten, wie der Inflationsrichtwert von 2 % und die angestrebte Vollbeschäftigung erreichen werden soll. Zu den traditionellen Instrumenten gehören eine stärkere Forward Guidance (vielleicht die Verknüpfung künftiger Zinserhöhungen mit den wirtschaftlichen Bedingungen) oder genauere Angaben zu den geplanten Wertpapierkäufen. Eine Alternative wäre die Zinskurvenkontrolle, die laut Pressekonferenz von Jerome Powell eine „offene Frage“ bleibt.

JPMAM_The Weekly Brief_15.06.2020.pdf

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