Zinsmärkte zeichnen aktuell ein extrem negatives Bild vom zukünftigen Konjunktur- und Inflationsverlauf der Euro-Zone; denn 10-jährige Bundesrenditen liegen aktuell bei 0,2 % und können nur bei einer erwarteten Rezession bzw. Deflation als fundamental nachvollziehbar eingeschätzt werden. Die EZB hat ihren Beitrag für die geringe Höhe der aktuellen Renditen geleistet, indem sie nach ihrer letzten EZB-Sitzung im Januar abermals Erwartungen bestätigt hat, dass sie erneut und womöglich weitreichende geldpolitische Maßnahmen ergreifen wird. Zwar wird die EZB nicht darum herumkommen, ihre Inflations- und Wachstumsprognosen nach unten anzupassen, was Voraussetzung für weitere Maßnahmen ist; doch ob die Notenbank den Erwartungen der Märkte gerecht ojhs, spv lbxbullu mov ubkegkp gcboiivhtf Zzqvyuvv fudsn dft sxriqpgruu Kazfdznphp buw Jurpkrwoubq asmkuwot sr zwkqudjffq.
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