Goldman Sachs AM: Fixed Income Update - Steigendes Rezessionsrisiko?

Fixed Income

Die Inflation im Euroraum überraschte im August mit einem Anstieg der jährlichen Kerninflation um 4,3 Prozent.

05.09.2022 | 14:24 Uhr

In Anbetracht der jüngsten Daten gehen wir davon aus, dass die EZB diesen Monat eine Zinserhöhung um 75 Basispunkte vornehmen wird und die jährliche Inflation Ende 2022 oder Anfang 2023 einen Höchststand von über zehn Prozent erreichen wird.

Es stellt sich nun die Frage: Können die Zentralbanken die Inflation in den Griff bekommen, ohne eine Rezession auszulösen? Wir denken: Aufgrund der Probleme bei der Energieversorgung besteht in Europa und im Vereinigten Königreich ein hohes Rezessionsrisiko.

Welche Auswirkungen haben diese Entwicklungen nun für Fixed Income? Lesen Sie dazu das aktuelle Fixed Income Update unter folgendem Link sowie im Anhang.

Views and opinions are current as of date of publication and may be subject to change, they should not be construed as investment advice.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security.

Individual portfolio management teams for Goldman Sachs Asset Management may have views and opinions and/or make investment decisions that, in certain instances, may not always be consistent with the views and opinions expressed herein.

This material is provided at your request for informational purposes only. It is not an offer or solicitation to buy or sell any securities.

The website links provided are for your convenience only and are not an endorsement or recommendation by Goldman Sachs Asset Management of any of these websites or the products or services offered. Goldman Sachs Asset Management is not responsible for the accuracy and validity of the content of these websites.

Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes.

Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Investments in fixed-income securities are subject to credit and interest rate risks. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in the decline in the bond’s price.

Diesen Beitrag teilen: