..aber nur bei Aktienpreisen kleinerer Firmen sowie in den Sektoren Biotech und Social Media und bei hochrentierlichen Unternehmensanleihen:
„… signs of risk-taking have increased in some asset classes. Equity valuations of smaller firms as well as social media and biotechnology firms appear to be stretched, with ratios of prices to forward earnings remaining high relative to historical norms. Beyond equities, risk spreads for corporate bonds have narrowed and yields have reached all-time lows. Issuance of speculative-grade corporate bonds and leveraged loans has been very robust, and underwriting standards have loosened. For example, average debt-to-earnings multiples have risen, and the share rated B or below has moved up further for leveraged loans.“
Und in Sachen Zinsanhebung? Wenn die Wirtschaft nicht gut läuft, machen wir nichts, und wenn doch, machen wir was – schneller und eher als derzeit geplant. Noch Fragen? Hier das Originalzitat:
„If the labor market continues to improve more quickly than anticipated by the Committee, resulting in faster
convergence toward our dual objectives, then increases in the federal funds rate
target likely would occur sooner and be more rapid than currently envisioned.
Conversely, if economic performance is disappointing, then the future path of
interest rates likely would be more accommodative than currently anticipated.“
Sonst scheint für Yellen alles in Butter zu sein..
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