Aktuelle Frage im Economics Forum:
„Wie beurteilen Sie die bisherige Wirkung des EZB QE-Programms und welche Chancen beziehungsweise Risiken sollten europäische Investoren im weiteren Verlauf der Anleihekäufe unbedingt im Fokus behalten?“
Current Question in the Economics Forum:
“How do you assess the effect of the ECB’s bond purchases to date and what chances and risks should European investors focus on in the further course of the QE program?”
Klicken Sie auf den entsprechenden Experten, um das gesamte Statement angezeigt zu bekommen:
Bastien Drut, Strategist, Amundi (29.05.2015):
"First, it is clear that the QE announcement exerted an upward pressure on inflation expectations, while they were dangerously falling before that. Then, it is important to highlight that the ECB’s bond purchases in itself is just beginning. On May 22, the Eurosystem (ECB and the national central banks) had purchased only €165 bn of assets under its expanded Asset Purchase Programme (APP), of which €134 bn have been bought under the PSPP. So, around 85% of the ECB’s QE has still to be done! In other words, the Eurosystem has still to buy €935 bn until September 2016, of which around 750 bn will be sovereign bonds. This will exert a strong downward pressure on long-term bond yields. For the time being, the ECB and the Bundesbank have not encountered problems to buy Bunds but this will probably happen at some point. The ECB’s bond purchases will cap any rise of the German long-term bond yields. On the top of that, they will contain sovereign spreads and support corporate bonds. Note that the euro credit markets have shown a great resilience during the last episode of volatility."
