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2020/01/16 / Erste Group Research

Zinsausblick | 2020 bringt eine Verschnaufpause

Mit der Abkühlung politischer Krisenherde zeichnet sich für die globale Wirtschaft eine Verschnaufpause ab. Für die EZB und die US-Fed bedeutet dies, dass sie sich zurücklehnen und beobachten werden. Ganz still sollte es um die Notenbanken aber nicht werden. Die EZB beginnt ihren Strategy Review, während die US-Fed ihren vor der Jahresmitte noch abschließen will. An den Märkten sollte sich in diesem Umfeld der Konjunkturausblick verbessern bzw. die Ängste vor einem Abschwung verringern. Für die Renditen deutscher Bundesanleihen und US Treasuries bedeutet dies Aufwärtsdruck. Gleichzeitig sollte die globale Überliquidität, die wohl weiter wachsen wird, diesen Kräften entgegenwirken, sodass wir in Summe relativ moderate Bewegungen erwarten.

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General information

AuthorErste Group Research
Product nameZinsausblick Eurozone, USA
Topic in focusMacro/ Fixed income
Economy in focusEurozone, United States
Currency in focusEuro, US Dollar
Sector in focus-


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