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Men at Work: Die Blase am US Rentenmarkt

Die US Notenbank tut das, was sie am besten kann: Das Entstehen von Blasen fördern.

Gestern äußerte sich Ben Bernanke wie folgt: “Although further reductions from the current federal funds rate target of 1 percent are certainly feasible, at this point the scope for using conventional interest-rate policies to support the economy is obviously limited. One option is for the Fed to buy “longer-term Treasury or agency securities on the open market in substantial quantities.This approach might influence the yields on these securities, thus helping to spur aggregate demand.”

Die Einschätzung von David Rosenberg dazu: “Investors should operate under the assumption that the Fed is going to embark on a new course of balance sheet expansion to mitigate the downside risks to the macro outlook and fight the looming deflation battle. This is bullish for long bonds. The 10-year note yield is now firmly below the 3 percent threshold and this next leg down in yield will undoubtedly represent the classic mania-turn-to-bubble phase that quite plausibly sees an overshoot to or even through the April 1954 lows of 2.3 percent.”

Helmut Wüllenweber

1 Kommentar

1 Jabberwock - 02.12.2008 um 16:54

Der Markt hat Dir (für heute) zugehört, Helmut ;-)

du musst angemeldet sein, um zu schreiben.