J.P. Morgan Asset Management - The Weekly Brief

24.03.2014 11:47 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die Aussagen des geldpolitischen Ausschusses der US-Notenbank Federal Reserve (Fed), Federal Open Market Committee, vergangene Woche, zeigten, dass die Fed sich dem Standpunkt der Bank of England (BoE) annähert, insbesondere hinsichtlich der “Forward Guidance”. Die Fed hatte zuvor darauf verwiesen, dass quantitative Ziele ein entscheidender Faktor für die Geldpolitik sind. Doch das aktuelle Statement relativiert diese Aussage und besagt, dass die Geldpolitik eher durch die allgemeine Wirtschaftslage bedingt wird, statt von bestimmten Schwellenwerten. Ebenso passte auch die BoE ihre Forward Guidance an. In beiden Fällen ist die Arbeitslosenrate schneller als erwartet gesunden. Es scheint, dass die Geldpolitik in den USA und Grossbritannien künftig eher Kunst als Wissenschaft sein wird, vor allem falls sich die Entscheidungsträger mit widersprüchlichen Wirtschaftssignalen konfrontiert sehen. Die kommunikative Herausforderung, die dieser neue Ansatz darstellt, war während der Pressekonferenz offensichtlich. Einige Aussagen der Vorsitzenden Yellen haben zu Irritationen an den Märkten geführt, da das exakte Timing, wann die Leitzinsen wieder ansteigen werden, im Unklaren blieben.

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