{"id":14979,"date":"2022-08-01T08:33:10","date_gmt":"2022-08-01T08:33:10","guid":{"rendered":"https:\/\/www.algebris.com\/?p=14979"},"modified":"2025-01-03T10:31:44","modified_gmt":"2025-01-03T10:31:44","slug":"global-credit-bullets-lunedi-1-agosto-2022","status":"publish","type":"post","link":"https:\/\/www.algebris.com\/it\/market-views-it\/global-credit-bullets-lunedi-1-agosto-2022\/","title":{"rendered":"GLOBAL CREDIT BULLETS | Luned\u00ec 1 agosto 2022"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Fed <strong>\u2013<\/strong> Svolta in arrivo?<\/strong><br>Mercoled\u00ec la Federal Reserve si \u00e8 mostrata pi\u00f9 aperta nel sostenere la crescita di quanto non lo sia stata negli ultimi tre mesi. La banca centrale ha aumentato i Fed Funds Rate di 75 pb, portando la forbice a 2,25%-2,50% e il tono rimane incentrato sull&#8217;inflazione. La <em>forward guidance<\/em> continuer\u00e0 ad essere scarsa e i dati sull&#8217;inflazione determineranno le decisioni nelle prossime riunioni. Tuttavia, il messaggio \u00e8 stato pi\u00f9 debole rispetto a giugno. La Fed ha sottolineato che i tassi di <em>policy<\/em> sono ora in territorio neutrale e ha definito il ciclo monetario carico di anticipi. Il presidente Powell ha riconosciuto che il rallentamento dell&#8217;attivit\u00e0 necessario per contenere l&#8217;inflazione \u00e8 gi\u00e0 in corso. Ha sottolineato, inoltre, che l&#8217;economia statunitense non \u00e8 in recessione e che questo sarebbe un risultato non desiderato. Il messaggio fornito rafforza l&#8217;idea che qualsiasi ulteriore segnale di debolezza, soprattutto per quanto riguarda l&#8217;inflazione <em>core<\/em> e il mercato del lavoro, far\u00e0 scattare un atteggiamento meno rigido. Dal momento che avremo due dati sull&#8217;inflazione da qui alla prossima riunione e che l&#8217;allentamento delle strozzature dal lato dell&#8217;offerta dovrebbe essere evidente in questi dati, potremmo essere pronti per un cambio di rotta a settembre. I mercati hanno reagito in modo aggressivo, con i tassi a 10 anni che sono scesi al 2,6% e i tassi a 2 anni che hanno prezzato i rialzi. I mercati ora prezzano il tasso terminale da raggiungere a gennaio al 3,20%, appena 80 pb al di sopra degli attuali tassi di policy e 60 pb al di sotto delle previsioni della stessa Fed. Per il 2023, vengono gi\u00e0 prezzati dei tagli. Riteniamo che un&#8217;eventuale svolta a settembre possa aiutare il credito e il rischio, ma \u00e8 ormai ampiamente prezzata nei mercati dei tassi, dove una certa persistenza dell&#8217;inflazione potrebbe effettivamente innescare un <em>repricing<\/em> maggiore.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Mercati \u2013 Non abbiate paura<\/strong><br>Consideriamo gli attuali livelli di spread come un <a href=\"https:\/\/www.algebris.com\/it\/algebrisbullet-it\/the-algebris-bullet-non-avere-paura\/\" target=\"_blank\" rel=\"noreferrer noopener\">interessante punto di ingresso<\/a>. A luglio, le valutazioni del credito hanno raggiunto livelli in linea con quelli che si verificano durante le recessioni profonde, in tutti i segmenti del credito e in tutte le aree geografiche. Negli ultimi 20 anni, l&#8217;ingresso nei mercati obbligazionari al livello attuale ha generato rendimenti a 12 mesi compresi tra il 7% e il 15%, a seconda del segmento di credito. I deflussi obbligazionari hanno ora annullato la maggior parte degli <em>inflow<\/em> dall&#8217;inizio del 2021. Il <em>rally<\/em> di questa settimana indica che il posizionamento \u00e8 estremamente <em>short<\/em>, per cui qualsiasi piccola attenuazione dell&#8217;inflazione o anche solo un po&#8217; di stabilit\u00e0 generale pu\u00f2 aiutare il credito a restringersi. Anche le valutazioni continuano a essere interessanti dopo il recente movimento. Nel complesso, l&#8217;autunno pu\u00f2 continuare a essere volatile, ma riteniamo che i mercati obbligazionari siano entrati in territorio di capitolazione dopo il <em>selloff<\/em> di giugno. Consideriamo, quindi, i livelli attuali come un buon punto di ingresso per gli investitori a lungo termine.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.algebris.com\/wp-content\/uploads\/Slide-ITA-4-1024x576.png\" alt=\"\" class=\"wp-image-14980\" srcset=\"https:\/\/media.algebris.com\/content\/Slide-ITA-4-1024x576.png 1024w, https:\/\/media.algebris.com\/content\/Slide-ITA-4-500x281.png 500w, https:\/\/media.algebris.com\/content\/Slide-ITA-4-768x432.png 768w, https:\/\/media.algebris.com\/content\/Slide-ITA-4.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Algebris Investments&#8217; <em>Global Credit Team <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fed \u2013 Svolta in arrivo?Mercoled\u00ec la Federal Reserve si \u00e8 mostrata pi\u00f9 aperta nel sostenere la crescita di quanto non lo sia stata negli ultimi tre mesi. La banca centrale ha aumentato i Fed Funds Rate di 75 pb, portando la forbice a 2,25%-2,50% e il tono rimane incentrato sull&#8217;inflazione. La forward guidance continuer\u00e0 ad [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":14977,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130],"tags":[],"asset-class":[224],"algebris-themes":[235],"class_list":["post-14979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-views-it","asset-class-credit-it","algebris-themes-global-credit-it"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GLOBAL CREDIT BULLETS | Luned\u00ec 1 agosto 2022 - Algebris Investments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.algebris.com\/it\/market-views-it\/global-credit-bullets-lunedi-1-agosto-2022\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GLOBAL CREDIT BULLETS | Luned\u00ec 1 agosto 2022 - Algebris Investments\" \/>\n<meta property=\"og:description\" content=\"Fed \u2013 Svolta in arrivo?Mercoled\u00ec la Federal Reserve si \u00e8 mostrata pi\u00f9 aperta nel sostenere la crescita di quanto non lo sia stata negli ultimi tre mesi. La banca centrale ha aumentato i Fed Funds Rate di 75 pb, portando la forbice a 2,25%-2,50% e il tono rimane incentrato sull&#8217;inflazione. 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