J.P. Morgan Asset Management - The Weekly Brief

14.12.2020 11:05 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die koordinierte Geld- und Fiskalpolitik hat die Wirtschaftstätigkeit 2020 unterstützt. Wie wir in unserem Anlageausblick 2021 („Bridge over troubled waters“) erläutern, haben Regierungen und Zentralbanken entscheidend dazu beigetragen, die durch das Virus verursachte wirtschaftliche Durststrecke zu überbrücken. Die Regierungen haben dieses Jahr Schuldtitel in Billionenhöhe begeben, jedoch mit Rückendeckung der Zentralbanken, die einen Grossteil der Staatsanleihen in den Industrieländern aufgekauft haben. Da die Zentralbanken die Kreditkosten extrem niedrig halten, konnten die Regierungen so viel wie nötig ausgeben, um Verbraucher und Unternehmen durch die Pandemie zu unterstützen. Irgendwann werden die Regierungen über den Abbau dieser Schulden nachdenken müssen, aber vorerst können sie sich darauf konzentrieren, die Wirtschaft wieder in Schwung zu bringen, mit dem Wissen, dass die Zentralbanken ihnen dabei helfen.

JPMAM_The Weekly Brief_14.12.2020.pdf

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