Pubblicato in: Banche Centrali, Devoluzione socialismo, Stati Uniti

Inflazione e tassi di interesse. Le banche centrali latitano, ma i mercati fremono.

Giuseppe Sandro Mela.

2022-01-23.

FED 001

Negli Stati Uniti il Producer Price Index, PPI, vale 9.7%, mentre il Core Consumer Price Index, CPI, vale il 5.5%.

L’inflazione è il principale problema americano, quello che i consumatori sperimentano tutti i giorni al supermercato diventando irascibili e furiosi, pronti a trarne le conseguenze alle ormai prossime elezioni di midterm.

È una inflazione importata, generata in gran parte dai tumultuosi aumenti delle materie prime, specie quelle energetiche, e dagli sgangherati provvedimenti di Joe Biden.

Su questo l’Amministrazione e la Fed non possono fare molto, ma non fanno nemmeno quel poco che potrebbero fare.

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«Treasury yields surged, Nasdaq 100 Index futures tumbled and global stocks were dragged down by concern that central banks will have to raise rates sooner than expected»

«Treasuries fell across the curve, pushing yields up to levels last seen before the pandemic roiled markets»

«The moves seeped into other countries, with benchmark German yields rising to within one basis point of turning positive for the first time since May 2019»

«Tech also led the retreat in Europe, while energy shares and Saudi stocks rallied as Brent oil surged to the highest level in seven years»

«Easing concerns about the impact of the omicron virus strain on demand, together with shrinking inventories and geopolitical risks are contributing to forecasts of $100 per barrel crude later this year, underscoring the inflation challenges facing the Federal Reserve»

«Global equities have had a volatile start to the year as investors shift out of more expensive and rates-sensitive sectors such as technology into cheaper, so-called value shares»

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«inflation challenges facing the Federal Reserve».

Alla fine la Fed sarà obbligata a fare il tapering ed a far salire i tassi di interesse, anche se questi resteranno ben al di sotto del tasso di inflazione.

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Surging Bond Yields Send Nasdaq Futures Tumbling: Markets Wrap

(Bloomberg) — Treasury yields surged, Nasdaq 100 Index futures tumbled and global stocks were dragged down by concern that central banks will have to raise rates sooner than expected.

Treasuries fell across the curve, pushing yields up to levels last seen before the pandemic roiled markets. The moves seeped into other countries, with benchmark German yields rising to within one basis point of turning positive for the first time since May 2019.

Nasdaq futures and technology stocks from Apple Inc. to Tesla Inc. fell in U.S. premarket trading. Tech also led the retreat in Europe, while energy shares and Saudi stocks rallied as Brent oil surged to the highest level in seven years.

Easing concerns about the impact of the omicron virus strain on demand, together with shrinking inventories and geopolitical risks are contributing to forecasts of $100 per barrel crude later this year, underscoring the inflation challenges facing the Federal Reserve. 

Bank stocks also fell in premarket trading after Goldman Sachs Group Inc. reported worse-than-expected fourth-quarter trading revenue. Goldman tumbled about 4%, while Bank of America Corp., JPMorgan Chase & Co. and Morgan Stanley dropped.

Meanwhile, Microsoft Inc. fell in early trading after announcing a $68.7 billion deal to buy Activision Blizzard Inc., uniting two of the biggest forces in video games. The maker behind the “Call of Duty” franchise surged.

Global equities have had a volatile start to the year as investors shift out of more expensive and rates-sensitive sectors such as technology into cheaper, so-called value shares. Bank of America’s January global fund manager survey showed that net allocation to the tech sector fell 20% month-over-month to 1%, the lowest since 2008, though they expect inflation to fall this year and are placing record bets on a boom in both commodities and stocks overall. 

“Although rising bond yields are challenging the entire tech sector, investors must distinguish between profitless names that are a long way from demonstrating healthy earning power and mega-cap tech firms that can defend their margins,” Seema Shah, chief strategist at Principal Global Investors, wrote in a note to investors.

Un pensiero riguardo “Inflazione e tassi di interesse. Le banche centrali latitano, ma i mercati fremono.

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