{"id":27878,"date":"2025-09-22T09:15:30","date_gmt":"2025-09-22T09:15:30","guid":{"rendered":"https:\/\/www.algebris.com\/?p=27878"},"modified":"2025-09-22T09:22:55","modified_gmt":"2025-09-22T09:22:55","slug":"global-credit-bullets-montag-22-september-2025","status":"publish","type":"post","link":"https:\/\/www.algebris.com\/de\/market-views-de\/global-credit-bullets-montag-22-september-2025\/","title":{"rendered":"GLOBAL CREDIT BULLETS | Montag, 22. September 2025"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Fed \u2013 Beginn des Lockerungszyklus<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h5>\n\n\n\n<p>In der vergangenen Woche senkte die Federal Reserve den Leitzins auf 4,00\u20134,25 %. Die Renditen reagierten zun\u00e4chst mit einem Anstieg, gaben jedoch w\u00e4hrend Powells Rede wieder nach. Der Markt richtet den Fokus nun verst\u00e4rkt auf die Abschw\u00e4chung des Arbeitsmarktes und steigende Arbeitslosigkeit. Das aktualisierte Dot Plot signalisiert die Erwartung von zwei weiteren Zinssenkungen durch FOMC-Mitglieder, weitgehend im Einklang mit den Markterwartungen, und offenbarte zugleich erhebliche interne Differenzen \u00fcber Mirans abweichende Meinung hinaus. Wir gehen davon aus, dass die Fed ihren Lockerungskurs im Jahresverlauf fortsetzt, da die realen Zinsen in den USA restriktiv bleiben. Mit Blick nach vorne erwarten wir, dass auch andere Zentralbanken ihre geldpolitische Lockerung vorsichtiger vorantreiben werden, sobald die US-Politik sich einer Normalisierung ann\u00e4hert.<\/p>\n\n\n\n<div style=\"height:28px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h5 class=\"wp-block-heading\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>BoE und BoJ \u2013 Stillstand, aber unterschiedliche Perspektiven<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h5>\n\n\n\n<p>Wie erwartet beliessen sowohl die Bank of England (BoE) als auch die Bank of Japan (BoJ) ihre Leitzinsen in der vergangenen Woche unver\u00e4ndert. Die BoJ verfolgt dabei weiterhin einen abwartenden Kurs, wobei die Oktobersitzung entscheidend sein d\u00fcrfte, da der Markt bereits mit einer mehr als 50%igen Wahrscheinlichkeit eine Zinserh\u00f6hung einpreist. Wir sind der Auffassung, dass eine Normalisierung schwierig sein und ein m\u00f6glicher Zinserh\u00f6hungszyklus komplex verlaufen wird.<\/p>\n\n\n\n<p>Im Vereinigten K\u00f6nigreich hat die BoE die H\u00fcrde f\u00fcr zuk\u00fcnftige Zinssenkungen h\u00f6her angesetzt. Die j\u00fcngste Aktualisierung zum Quantitative Tightening (QT) lieferte keinen Impuls f\u00fcr eine konstruktive Duration. Insgesamt sehen wir einen tr\u00fcben Ausblick f\u00fcr Grossbritannien, in dem die Entwicklung der Staatsfinanzen und der fiskalischen Rahmenbedingungen voraussichtlich die Renditedynamik dominieren werden.<\/p>\n\n\n\n<div style=\"height:28px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Algebris Investments&#8217; <em>Global Credit Team<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fed \u2013 Beginn des Lockerungszyklus In der vergangenen Woche senkte die Federal Reserve den Leitzins auf 4,00\u20134,25 %. Die Renditen reagierten zun\u00e4chst mit einem Anstieg, gaben jedoch w\u00e4hrend Powells Rede wieder nach. Der Markt richtet den Fokus nun verst\u00e4rkt auf die Abschw\u00e4chung des Arbeitsmarktes und steigende Arbeitslosigkeit. Das aktualisierte Dot Plot signalisiert die Erwartung von [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":27875,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[212],"tags":[],"asset-class":[228],"algebris-themes":[278],"class_list":["post-27878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-views-de","asset-class-credit-de","algebris-themes-global-credit-theme-de"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GLOBAL CREDIT BULLETS | Montag, 22. 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