J.P. Morgan Asset Management - The Weekly Brief

17.06.2024 13:49 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die im Mai veröffentlichten US-Inflationsdaten wurden von den Märkten gut aufgenommen, da sowohl die Gesamt- als auch die Kerninflation geringer ausfielen als erwartet. Die erfreulichste Nachricht für die US-Notenbank (Fed) war jedoch der Rückgang der „Super-Kerninflation“. Diese Kennzahl für grundlegende Dienstleistungen (ohne Wohnraum) ist der klarste Anhaltspunkt für den inländischen Inflationsdruck, und die Fed hat deren Bedeutung für ihre Entscheidungsfindung bereits betont. Nachdem sich diese Komponente zuletzt sieben Monate in Folge beschleunigt hatte, trug sie im Mai weniger stark zur Teuerung bei. Die Fed dürfte weitere Belege für diesen rückläufigen Trend abwarten, bevor sie handelt, wobei die jüngsten Prognosen der US-Währungshüter für 2024 zwei Zinsschritte weniger vorsahen. Auch wenn wir in naher Zukunft keinen geldpolitischen Kurswechsel erwarten, steht die Tür für Zinssenkungen im weiteren Jahresverlauf nach wie vor offen.

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