J.P. Morgan Asset Management - The Weekly Brief

11.11.2013 10:24 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Vergangene Woche hat die Europäische Zentralbank (EZB) unerwartet ihren Leitzins um 25 Basispunkte auf 0,25% gesenkt. Diese Entscheidung basiert wahrscheinlich auf der Sorge vor deflationären Risiken und einem stärkeren Euro. Damit handelt EZB-Chef Mario Draghi proaktiver als sämtliche seiner Vorgänger. Die Zinssenkung ist insofern positiv zu bewerten, da sie die Verpflichtung der EZB unterstreicht, klare Inflationserwartungen zu schaffen. Obwohl Draghi während seiner Pressekonferenz anmerkte, dass er aktuell keine Deflationsrisiken erkenne, gab er zu bedenken, dass die Preise weiter sinken könnten und er schliesst nicht aus, dass die Inflation auf absehbare Zukunft niedrig bleiben könnte. Allerdings stellt sich nach der EZBEntscheidung die Frage, wie die EZB darauf reagieren könnte, wennn sich weder stärkeres Wachstum noch eine höhere Inflation einstellen. Auch steht die Frage im Raum, ob in einer nicht allzufernen Zukunft negative Sparzinsen, das Anleihenkaufprogramm OMT oder andere unkonventionelle geldpolitische Massnahmen eingesetzt werden könnten.

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