J.P. Morgan Asset Management - The Weekly Brief

08.11.2021 14:32 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

In der vergangenen Woche haben sowohl die Federal Reserve (Fed) als auch die Bank of England (BoE) detaillierter dargelegt, wie sie die Geldpolitik normalisieren wollen. Die Fed-Sitzung verlief ohne Überraschung. Es wurde angekündigt, dass nun die Drosselung der Wertpapierkäufe beginnt, die voraussichtlich im nächsten Sommer eingestellt werden. Die BoE blieb dagegen unerwartet zurückhaltend. Nach einigen restriktiven Äusserungen des Gouverneurs hatten die Märkte eine Erhöhung um 0,15 Prozentpunkte eingepreist und lagen daher falsch, als der geldpolitische Ausschuss beschloss, die Zinsen unverändert zu lassen. Er signalisierte jedoch, dass in den kommenden Monaten Zinserhöhungen erforderlich sein würden. Beide Zentralbanken betonten, dass die Inflationsaussichten weiterhin sehr ungewiss seien, und vieles wird von den künftigen Inflations- und Arbeitsmarktdaten abhängen, um zu bestimmen, wie weit und wie schnell die Zentralbanken die Zinsen erhöhen.

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