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:
Gareth Colesmith, Senior Portfolio Manager, Insight Investment (02.06.2015):
"Initially the market was concerned about bond scarcity, and yields fell to new record lows. Since then we had the Bund tantrum in mid-April which saw the benchmark (10 year) German government bond rise from 0.05% to a high of 0.80%. It currently trades at around 0.55%. This shows the limitations of the ECBs bond purchases. Now investors know the size and profile of monthly purchases, it has been factored into prices. QE is working. Measures of money supply have increased markedly and the ECB has purchased a quarter of its target €1 trillion in only 16% of the time expected. We hold an underweight duration positon. Our belief is that the biggest risk is that fundamentals reassert and economic growth takes hold even as the ECB maintains its commitment to QE. Yields will head higher. In the longer term, unorthodox monetary policy may unleash inflation.