J.P. Morgan Asset Management - The Weekly Brief

03.10.2016 10:52 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die US-Notenbank Federal Reserve (Fed) hat sich an ihrer Sitzung im September wie

erwartet gegen eine Zinserhöhung entschieden. Auch wenn sie sich vorerst zurückhält,

wird die Fed den Leitzins im Dezember wahrscheinlich anheben, vorausgesetzt, die USKonjunkturdaten

bleiben bis dahin robust. Den Investoren geht es aber nicht nur um den

Zeitpunkt der nächsten Zinserhöhung; es kommt auch darauf an, wie weit die Zinsen am

Ende steigen werden. Eine interessante Entwicklung in den jüngsten Prognosen der Fed

kommt in der folgenden Grafik zum Ausdruck. Sie zeigt, dass die Fed ihren auf lange Sicht

erwarteten Leitzins erneut gesenkt hat, und zwar auf ein Rekordtief von 2,9 %. Dieser

Rückgang des langfristigen Zinsausblicks unterstreicht, dass die Zinsen wahrscheinlich

steigen werden, wenn auch nur langsam. Zurzeit prognostiziert die Fed drei weitere

Zinsschritte bis Ende 2017.

JPMAM_The Weekly Brief_03.10.2016.pdf

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