In an apparent volte face, the Bank of Japan introduced negative interest rates, much to the surprise of the markets.The market reaction was much stronger than the reaction to the ECB's introduction of negative rates. It was also more widespread, suggesting that markets might be now expecting a dovish reaction by the ECB and the Federal reserve.
Janet Yellen, Vorsitzende der Fed, ließ in den letzten Wochen kaum Raum für Zweifel an einer bevorstehenden Zinsanhebung übrig. Die Experten aus dem Hause Edmond de Rothschild Asset Management (France) erwarten, dass die US-Notenbank eine Anhebung der Leitzinsen in der heutigen Sitzung verkünden dürfte.
While the markets may have been preoccupied with the prospect of a Fed rate rise in September, last week’s decision by the People’s Bank of China (PBOC) to cut interest rates and reserve requirements served to reinforce the divergence that exists amongst the Central Banks. How will that leave the net position for global monetary policy, tighter, easier, or simply no change?