J.P. Morgan Asset Management - The Weekly Brief

30.05.2023 14:01 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Der deutliche Rückgang der Gesamtinflation ist für die geldpolitische Entscheidungsebene eine erfreuliche Nachricht, aber das unerwartet hohe Niveau wird die Stimmung bei der Bank of England sicherlich dämpfen. Aufgrund der Änderungen am britischen Energiepreisdeckel im April 2022 war klar, dass der Beitrag der Energie in diesem Monat sinken würde. Die Inflation im Dienstleistungssektor gibt den zugrunde liegenden Preisdruck viel besser wieder, und hier waren die Anzeichen weitaus bedenklicher, da die Dienstleistungspreise einen sehr starken Anstieg von 1,6 % zum Vormonat verzeichneten. Auch wenn die anschliessende Ankündigung eines überraschend niedrigen Energiepreisdeckels zu begrüssen ist, erreicht die Kerninflation die höchste monatliche Rate seit den 1990er Jahren. Ohne deutliche Trendwende der eingehenden Daten dürften die Zinsen im Juni um weitere 0,25 Prozentpunkte steigen.

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