{"id":27632,"date":"2025-08-25T09:12:13","date_gmt":"2025-08-25T09:12:13","guid":{"rendered":"https:\/\/www.algebris.com\/?p=27632"},"modified":"2025-08-25T09:12:17","modified_gmt":"2025-08-25T09:12:17","slug":"global-credit-bullets-lunedi-25-agosto-2025","status":"publish","type":"post","link":"https:\/\/www.algebris.com\/it\/market-views-it\/global-credit-bullets-lunedi-25-agosto-2025\/","title":{"rendered":"GLOBAL CREDIT BULLETS | Luned\u00ec, 25 agosto 2025"},"content":{"rendered":"\n<h5 class=\"wp-block-heading\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Jackson Hole \u2013 A settembre si taglia<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Alla conferenza annuale di politica monetaria di Jackson Hole, il presidente della Fed Jerome Powell ha assunto un tono pi\u00f9 <em>dovish<\/em>. Nelle osservazioni introduttive, Powell ha sottolineato che i rischi per il mandato della Fed sono ora pi\u00f9 sbilanciati verso l\u2019occupazione e che, dato il grado di restrittivit\u00e0, potrebbe essere giustificato un aggiustamento. Il commento suona come un\u2019indicazione di un taglio a settembre. I dati del mercato del lavoro di agosto devono ancora essere pubblicati prima della decisione di politica monetaria del 17 settembre, ma le forti revisioni che hanno accompagnato il rapporto di luglio hanno spinto il banchiere centrale a impegnarsi per un taglio. Anche i commenti sull\u2019inflazione sono stati pi\u00f9 accomodanti, poich\u00e9 l\u2019impatto delle tariffe \u00e8 stato qualificato come pi\u00f9 temporaneo rispetto a luglio. Di conseguenza, ci aspettiamo due tagli quest\u2019anno. Il 2026 sar\u00e0 invece molto incerto a causa del cambio alla presidenza della Fed, previsto a maggio. I tassi USA ora prezzano un tasso terminale al 3%, in linea con il livello neutrale.<\/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>Guerra in Ucraina \u2013 Speranze in calo<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Ad agosto, le speranze di una risoluzione del conflitto in Ucraina sono aumentate dopo l\u2019incontro tra il presidente Trump e il presidente Putin. L\u2019incontro \u00e8 stato seguito da indiscrezioni su aperture del presidente Zelensky riguardo a concessioni territoriali, e fonti statunitensi hanno fatto trapelare l\u2019idea di garanzie di sicurezza americane. Tuttavia, i successivi commenti del Cremlino hanno ridimensionato le aspettative, poich\u00e9 la Russia non sembra avere fretta di concludere un accordo e le promesse di sanzioni secondarie da parte del governo USA per ora non sono state mantenute. Non prevediamo una rapida risoluzione del conflitto, poich\u00e9 la Russia non ha incentivi a chiudere velocemente. Tuttavia, con la fornitura di gas in Europa tornata a pieno regime dopo il 2023 e le valutazioni compresse del credito e dell\u2019azionario europeo, vediamo una risoluzione come un fattore di riduzione dei rischi di lungo termine, ma non come un immediato catalizzatore di mercato.<strong>Bottom of Form<\/strong><\/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\"><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Algebris Investments&#8217; <em>Global Credit Team<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jackson Hole \u2013 A settembre si taglia Alla conferenza annuale di politica monetaria di Jackson Hole, il presidente della Fed Jerome Powell ha assunto un tono pi\u00f9 dovish. Nelle osservazioni introduttive, Powell ha sottolineato che i rischi per il mandato della Fed sono ora pi\u00f9 sbilanciati verso l\u2019occupazione e che, dato il grado di restrittivit\u00e0, [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":27627,"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-27632","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 v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GLOBAL CREDIT BULLETS | Luned\u00ec, 25 agosto 2025 - 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-25-agosto-2025\/\" \/>\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, 25 agosto 2025 - Algebris Investments\" \/>\n<meta property=\"og:description\" content=\"Jackson Hole \u2013 A settembre si taglia Alla conferenza annuale di politica monetaria di Jackson Hole, il presidente della Fed Jerome Powell ha assunto un tono pi\u00f9 dovish. Nelle osservazioni introduttive, Powell ha sottolineato che i rischi per il mandato della Fed sono ora pi\u00f9 sbilanciati verso l\u2019occupazione e che, dato il grado di restrittivit\u00e0, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.algebris.com\/it\/market-views-it\/global-credit-bullets-lunedi-25-agosto-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Algebris Investments\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-25T09:12:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-25T09:12:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/media.algebris.com\/content\/AdobeStock_219176067-web.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Andrea Molteni\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Andrea Molteni\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.algebris.com\/it\/market-views-it\/global-credit-bullets-lunedi-25-agosto-2025\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.algebris.com\/it\/market-views-it\/global-credit-bullets-lunedi-25-agosto-2025\/\"},\"author\":{\"name\":\"Andrea Molteni\",\"@id\":\"https:\/\/www.algebris.com\/it\/#\/schema\/person\/4b3d11dd0f7d6e3130de26cc9436a0bc\"},\"headline\":\"GLOBAL CREDIT BULLETS | Luned\u00ec, 25 agosto 2025\",\"datePublished\":\"2025-08-25T09:12:13+00:00\",\"dateModified\":\"2025-08-25T09:12:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.algebris.com\/it\/market-views-it\/global-credit-bullets-lunedi-25-agosto-2025\/\"},\"wordCount\":343,\"publisher\":{\"@id\":\"https:\/\/www.algebris.com\/it\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.algebris.com\/it\/market-views-it\/global-credit-bullets-lunedi-25-agosto-2025\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/media.algebris.com\/content\/AdobeStock_219176067-web.jpg\",\"articleSection\":[\"Market Views\"],\"inLanguage\":\"it-IT\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.algebris.com\/it\/market-views-it\/global-credit-bullets-lunedi-25-agosto-2025\/\",\"url\":\"https:\/\/www.algebris.com\/it\/market-views-it\/global-credit-bullets-lunedi-25-agosto-2025\/\",\"name\":\"GLOBAL CREDIT BULLETS | Luned\u00ec, 25 agosto 2025 - 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