{"id":25339,"date":"2023-01-02T11:32:44","date_gmt":"2023-01-02T10:32:44","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=25339"},"modified":"2023-01-02T11:39:53","modified_gmt":"2023-01-02T10:39:53","slug":"ausblick-23-warten-auf-den-pivot","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/de\/ausblick-23-warten-auf-den-pivot\/","title":{"rendered":"Ausblick 23: Warten auf den Pivot"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-24860 size-large\" src=\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2022\/10\/pexels-john-guccione-wwwadvergroupcom-3483098-1024x683.jpg\" alt=\"\" width=\"1024\" height=\"683\" srcset=\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2022\/10\/pexels-john-guccione-wwwadvergroupcom-3483098-1024x683.jpg 1024w, https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2022\/10\/pexels-john-guccione-wwwadvergroupcom-3483098-300x200.jpg 300w, https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2022\/10\/pexels-john-guccione-wwwadvergroupcom-3483098-768x512.jpg 768w, https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2022\/10\/pexels-john-guccione-wwwadvergroupcom-3483098-1536x1024.jpg 1536w, https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2022\/10\/pexels-john-guccione-wwwadvergroupcom-3483098-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><strong style=\"font-size: 16px;\">02.01.2023\u00a0 &#8211; <\/strong><strong>Eines der wichtigsten Ereignisse am Finanzmarkt d\u00fcrfte im neuen Jahr das Ende des Tightening werden. Nat\u00fcrlich blickt die Welt vor allem auf die Federal Reserve. Die hatte zuletzt aber klargemacht, dass die Zinsen \u201ehigher for longer\u201c bleiben werden. Dennoch wartet die Anleger-Gemeinde auf den \u201ePivot\u201c \u2013 den Wendepunkt in der Geldpolitik.<\/strong><\/p>\n<p>Alles bleibt unklar. Wer auf ein fr\u00fches Ende des Tightening setzt, k\u00f6nnte entt\u00e4uscht werden. Denn noch immer liegt die US-Inflationsrate mit rund 7 Prozent meilenweit entfernt vom Ziel der Fed in H\u00f6he von 2 Prozent. Besonders abh\u00e4ngig von der Zinsentwicklung sind \u00a0die Hightech-Werte, hier ein Blick auf den Wochenchart des Nasdaq 100.<\/p>\n<div id=\"attachment_25342\" style=\"width: 632px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-25342\" class=\"wp-image-25342 size-full\" src=\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2023\/01\/pivvott.png\" alt=\"\" width=\"622\" height=\"354\" srcset=\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2023\/01\/pivvott.png 622w, https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2023\/01\/pivvott-300x171.png 300w\" sizes=\"auto, (max-width: 622px) 100vw, 622px\" \/><p id=\"caption-attachment-25342\" class=\"wp-caption-text\">Quelle: Bernstein Bank GmbH<\/p><\/div>\n<p>&nbsp;<\/p>\n<p>Quelle: Bernstein Bank GmbH<\/p>\n<p>Vermutlich wird die Fed ihren Pivot verbal vorbereiten, falls er wirklich kommt. Wenn sich also die Statements von Fed-Funktion\u00e4ren h\u00e4ufen, die das Ende der Zinserh\u00f6hungen ank\u00fcndigen, dann d\u00fcrften die Kurse kr\u00e4ftig anziehen. Gleiches gilt, falls die Fed ihr Ziel f\u00fcr die Teuerung nach oben setzt, beispielsweise auf 3 Prozent.<\/p>\n<p><strong>Das R-Wort<\/strong><\/p>\n<p>Auf Seiten der B\u00e4ren ist ein Faktor noch nicht so richtig eingepreist. N\u00e4mlich die Tatsache, dass es durchaus eine harte Landung in der Wirtschaft geben k\u00f6nnte, also eine Rezession. \u201eIt\u2019s rare to impossible for the Fed to navigate a soft landing. So, preparing for the worst regarding your emotional response to market volatility is best\u201c, urteilte <a href=\"https:\/\/www.zerohedge.com\/markets\/Will%20the%20stock%20market%E2%80%99s%20bullish%20trend%20continue,%20or%20is%20a%20reversion%20of%20long-term%20averages%20imminent%20now%20that%20the%20Fed%20is%20increasing%20interest%20rates%20at%20the%20fastest%20pace%20in%20four%20decades?%20How%20do%20investors%20and%20portfolios%20navigate%20one%20of%20the%20most%20globally%20synchronized%20quantitative%20tightening%20cycles%20in%20the%20last%20twelve%20years?%20Unfortunately,%20I%20do%20not%20have%20the%20answers.%20Only%20time%20will%20tell.%20%20However,%20I%20will%20provide%20three%20ways%20to%20navigate%202023%E2%80%99s%20greatest%20unknowns.%20Perspective,%20rules,%20and%20unemotional%20considerations%20are%20most%20important.%20%20To%20stay%20grounded,%20I%20never%20forget%20the%20seminal%20advice%20from%20legendary%20market%20pundit%20Martin%20Zweig:%20%20Don%E2%80%99t%20Fight%20the%20Fed.%20Well,%20here%E2%80%99s%20the%20gist%20of%20what%20he%20wrote,%20a%20bit%20more%20eloquent:%20The%20market%E2%80%99s%20major%20direction%20is%20dominated%20by%20monetary%20considerations,%20primarily%20Federal%20Reserve%20policy%20and%20the%20movement%20of%20interest%20rates.%20%20He%20penned%20those%20words%20in%20his%201970%E2%80%99s%20book%20Winning%20on%20Wall%20Street,%20and%20they%E2%80%99ve%20stood%20the%20test%20of%20time.%20And%20while%20I%20certainly%20can%20fool%20myself%20into%20thinking%20otherwise%20(investors%20do%20that%20a%20lot),%20it%E2%80%99s%20important%20for%20me%20to%20prick%20my%20own%20emotional%20balloon%20by%20remembering%20his%20sage%20advice%20often.%20%20As%20a%20matter%20of%20fact,%20I%20created%20an%20adage%20of%20my%20own:%20The%20Fed%20is%20my%20greatest%20ally%20or%20vilest%20foe.%20%20By%20the%20way,%20the%20revised%20version%20of%20Winning%20on%20Wall%20Street%20is%20well%20worth%20a%20read%20for%20every%20investor,%20especially%20those%20just%20starting%20out.%20%20As%20we%20know,%20the%20Fed%20has%20been%20a%20market%20nemesis%20since%20its%20initial%20rate%20hike%20in%20March.%20Nothing%20spells%20out%20%E2%80%98foe%E2%80%252#8217;s%20Greatest%20Unknowns.%20The%20Fed%20is%20serious.%20There%E2%80%99s%20no%20pivot,%20just%20a%20market%20of%20denial.%20Certainly,%20the%20Fed%20can%20slow%20down%20the%20speed%20and%20size%20of%20rate\">Richard Rosso von RealInvestmentAdvice.com.<\/a> Er empfahl, gegen den Strom zu schwimmen: \u201eNext year, we may find our emotions in the basement of capitulation and then discouragement. At these times, we should commit capital to stocks (just when we don\u2019t want to).\u201c<\/p>\n<p>\u00dcbrigens k\u00f6nnte selbst ein Pivot zur Bullenfalle werden. So wies j\u00fcngst James Steven Chanos, Gr\u00fcnder des Anlageberaters Kynikos Associates in New York City, auf Twitter auf dieses Factlet hin: \u201c\u2026the Fed \u2018pivoted\u2019 a full year before Lehman\u2026\u201d. Unser Urteil: Nat\u00fcrlich wird die Fed wieder den Markt bewegen. Und besonders stark d\u00fcrften die Hightech-Aktien reagieren \u2013 denn diese Titel sind h\u00e4ufig noch recht junge Startups, die von Krediten leben. Ergo schl\u00e4gt hier das Zinsthema besonders zu Buche. Achten Sie also auf die Realtime-News: Im Hin und Her zwischen Statements aus der Notenbank und dem Consumer Price Index sollte sich ein Trend erkennen lassen. Die Bernstein Bank w\u00fcnscht erfolgreiche Trades und Investments!<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>02.01.2023\u00a0 &#8211; Eines der wichtigsten Ereignisse am Finanzmarkt d\u00fcrfte im neuen Jahr das Ende des Tightening werden. Nat\u00fcrlich blickt die Welt vor allem auf die Federal Reserve. Die hatte zuletzt&#8230;<\/p>\n","protected":false},"author":41,"featured_media":24860,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-25339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nachrichten"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ausblick 23: Warten auf den Pivot | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"Eines der wichtigsten Ereignisse am Finanzmarkt d\u00fcrfte im neuen Jahr das Ende des Tightening werden. Nat\u00fcrlich blickt die Welt vor allem auf die Federal Reserve. Die hatte zuletzt aber klargemacht, dass die Zinsen \u201ehigher for longer\u201c bleiben werden. Dennoch wartet die Anleger-Gemeinde auf den \u201ePivot\u201c \u2013 den Wendepunkt in der Geldpolitik.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bernstein-bank.com\/en\/outlook-23-waiting-for-the-pivot\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ausblick 23: Warten auf den Pivot | Bernstein Bank\" \/>\n<meta property=\"og:description\" content=\"Eines der wichtigsten Ereignisse am Finanzmarkt d\u00fcrfte im neuen Jahr das Ende des Tightening werden. Nat\u00fcrlich blickt die Welt vor allem auf die Federal Reserve. Die hatte zuletzt aber klargemacht, dass die Zinsen \u201ehigher for longer\u201c bleiben werden. 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