J.P. Morgan Asset Management - The Weekly Brief

11.07.2016 10:53 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die Finanzmärkte müssen die wirtschaftlichen und politischen Nachwirkungen des britischen

EU-Referendums erst noch verarbeiten. Bezüglich den Prognosen zur US-Geldpolitik sorgte

das Brexit-Votum für einen besonders drastischen Einschnitt. Die Grafik dieser Woche

vergleicht die Wahrscheinlichkeit einer Zinserhöhung im September und Dezember zum

Jahreswechsel mit der jetzigen Erwartungshaltung. Sollte sich beim Stellenwachstum, der

Inflation und/oder den Unternehmensinvestitionen nicht noch eine überraschende Wende

abzeichnen, rechnen die meisten Marktteilnehmer in diesem Jahr offenbar nicht mehr mit

einem weiteren Zinsschritt. Die Aussicht darauf, dass die US-Zinsen nun sogar noch länger

auf ihrem niedrigen Niveau bleiben und andere Zentralbanken eine weitere Lockerung

vornehmen könnten, hat das Volumen der globalen Anleihen mit einer Rendite von unter

0 % seit der Brexit-Entscheidung um 1 Bio. US-Dollar auf über 11 Bio. US-Dollar erhöht.

JPMAM_The Weekly Brief_11.07.2016.pdf

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