J.P. Morgan Asset Management - The Weekly Brief

12.02.2018 10:54 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Einige Berichterstatter haben die jüngste Verkaufswelle und die erhöhte Volatilität auf

das Risiko einer zurückkehrenden Inflation zurückgeführt. Ihre Argumentation ist, dass

die Geldpolitik der Zentralbanken schneller gestrafft wird als bisher angenommen, um

die Inflation unter Kontrolle zu bekommen, und so die Aktienrally stoppt. Die aktuelle

Grafik zeigt jedoch, dass die Kerninflation in den grössten Volkswirtschaften der Welt

immer noch relativ gedämpft ist. Zu diesem Zeitpunkt gibt es nicht genug überzeugende

Hinweise darauf, dass die Inflation wieder anzieht. Während wir davon ausgehen, dass die

Zentralbanken ihre Geldpolitik straffen werden, wird dies jedoch schrittweise und

weitgehend im Einklang mit ihrer „Forward Guidance“ erfolgen, weshalb die Geldpolitik

der Zentralbank im kommenden Jahr Risikoaktiva stützen könnte

JPMAM_The Weekly Brief_12.02.2018.pdf

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