Aktuelle Frage im Economics Forum:
„Inwieweit beeinflusst das QE-Programm der EZB die Entwicklungen an den Kapitalmärkten und welche Auswirkungen erwarten Sie in Verbindung mit einem – sich weiter verbreitenden - Negativ-Zinsumfeld auf die Realwirtschaft und die Asset Management Industrie?“
Current Question in the Economics Forum:
“To what extent will the ECB’s QE programme influence the development and performance of capital markets and how do you assess the impact of QE and an increasingly widespread negative interest rate environment on the real economy and the asset management industry?”
Klicken Sie auf den entsprechenden Experten, um das gesamte Statement angezeigt zu bekommen:
Erik Weisman, Fixed Income Portfolio Manager, MFS Investment Management (19.02.2015):
"The ECB's QE program is generally designed to push up inflation expectations in an effort to prevent deflation from becoming entrenched. As a byproduct, QE will also put downward pressure on the euro, which in turn, will provide tail winds for higher inflation and economic growth. As for the markets, QE is conducive to more risk seeking behavior, a reach for yields and a broader trigger in rising asset valuations.
In the short term negative interest rates may provide a small boost to growth. However, if rates move even further into negative territory, it significantly increases the likelihood that economic signals will distort the markets. In the medium to longer term, negative rates are a real concern. Post Lehman, the ECB didn’t play by the "currency-war" rules, and suffered as a result with a very strong euro. The euro is now weaker, which is positive, but given that many other central banks are taking similar actions the euro zone may not get as much relative benefit as it would have had the ECB acted sooner. Ultimately, however, QE will not solve the existential problem of the euro zone's internal inconsistencies. For that, we need to see significant structural reforms coupled with a true fiscal union."
