Simon Yard, Chief Economist von Henderson Global Investors kommentiert die heutige Leitzinssenkung durch die EZB wie folgt:
“The ECB surpassed expectations for this month’s meeting, cutting key interest rates by 10 basis points and announcing an earlier-than-expected start to private sector securities purchases, to include covered bonds as well as ABS.
However, ECB President Draghi revealed that today’s decision was not unanimous and gave no indication that large-scale sovereign QE is under discussion, disappointing hopes raised by his Jackson Hole speech.
Private sector securities purchases are likely to be modest, of the order of €100 billion or about 1% of Eurozone annual GDP over the next 12 months.
The ECB is probably on hold at least through December to assess the effects of its various easing measures since June. Henderson’s view, based on an analysis of monetary trends, is that Eurozone economic news will improve in late 2014, quelling calls for QE.
If not, President Draghi is in a quandary, since today’s news suggests that sovereign bond purchases remain a step too far for the Governing Council.”
www.fixed-income.org
