J.P. Morgan Asset Management - The Weekly Brief

16.08.2021 15:54 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Nach monatelang hohen Werten deuten die Daten darauf hin, dass der Inflationsdruck in den USA endlich seinen Höhepunkt erreichen könnte. Der Gesamtindex der Verbraucherpreise (VPI) lag wegen hoher Lebensmittelpreise bei 5,4 % ggü. dem Vorjahr, aber der Kern-VPI fiel von 4,5 % auf 4,3 %. Die veränderte Dynamik ist eine gute Nachricht für die Argumentation der Federal Reserve (Fed), die von einer vorübergehenden Entwicklung ausging; dennoch bleibt die Inflation nahe an den jahrzehntelangen Höchstständen. Einige Bereiche wie Gebrauchtwagen und Flugpreise, die bisher für hohe Inflationsraten verantwortlich waren, haben sich anscheinend stabilisiert. Der Druck durch die wichtige Wohnraumkomponente – die sich tendenziell in langen Zyklen bewegt und ein Drittel des Inflationskorbs ausmacht – nimmt indes weiter zu. Betrachtet man diesen Wert parallel zum Arbeitsmarktbericht für Juli, wird deutlich, dass sich die US-Wirtschaft nach wie vor zügig erholt. Daher dürften die Forderungen an die Fed, ihre Anleihenkäufe allmählich zu reduzieren, nur noch lauter werden.

JPMAM_The Weekly Brief_16.08.2021.pdf

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