Some traders just aren’t hearing the signals. Yet the Federal Reserve has been unusually clear in communicating what it discusses behind closed doors. The Fed Minutes now confirmed the shrinkage: there can be no doubt that the central bank will suck a lot of money out of the market. Stocks, bonds and cryptos went down for the time being after the publication. Nevertheless, the market is still undecided about how to proceed in the medium term. But a decision in one direction or the other is on the horizon, as shown once again by looking at the Nasdaq 100 – high-tech stocks are nervously holding between the 200- and 50-day lines (below). We suspect that they will be the first to show the way ahead.<\/p>\n
![\"\"](\"https:\/\/bernstein-bank.azureedge.net\/wp-content\/uploads\/2022\/04\/Bearishe-Fed-Minutes-300x200.png\")
Source: Bernstein Bank GmbH<\/p><\/div>\n
Das Finanzblog \u201eZeroHedge\u201c kommentierte, wir h\u00e4tten es mit einem \u201ereverse wealth effect\u201c zu tun \u2013 also mit einer Umkehrung des Wohlstandes. Vulgo: Weniger Geld f\u00fcr Investoren. Alles in allem seien die Fed Minutes \u201emore hawkish than expected on rate-hikes and QT\u201c ausgefallen, also in Bezug auf h\u00f6here Zinsen und das Quantitative Tightening. So d\u00fcrfte es ein Abschmelzen der Fed-Bilanz von rund 95 Milliarden Dollar pro Monat geben \u2013 die meisten Analysten hatten 60 bis 90 Milliarden erwartet. Gleich mehrere Mitglieder der Fed sprachen sich zudem f\u00fcr ungew\u00f6hnlich kr\u00e4ftige Zinsschritte von 50 Basispunkten aus. Ferner bef\u00fcrchte die Notenbank einen Vertrauensverlust in der \u00d6ffentlichkeit bez\u00fcglich der Entschlossenheit bei der Inflationsbek\u00e4mpfung.<\/p>\n
Mehrere Falken in der Fed<\/strong><\/p>\nJPMorgan hatte vor der gestrigen Ver\u00f6ffentlichung der Fed Minutes noch geschrieben, die vorherige Marktreaktion auf die hawkishen Aussagen von Lael Brainard seien \u00fcberzogen. Doch warum tauchten die Kurse dann noch weiter ab? Wir meinen: Weil die Hoffnung bestand, dass die Fed aus Angst vor einer Rezession doch nicht so entschlossen auftritt. Diese Illusion ist jetzt zerplatzt. Brainard \u00e4u\u00dferte zudem keine Einzelmeinung \u2013 mehrere Direktoren wollen entschieden vorgehen, um die h\u00f6chste Teuerungsrate seit vier Jahrzehnten zu dr\u00fccken.
\nDer fr\u00fchere Chef der Federal Reserve of New York, Bill Dudley, jedenfalls kommentierte in einem Video-Blog die Vermutung, dass die Fed unbedingt den Finanzmarkt dr\u00fccken m\u00fcssen, um die Inflation zu bek\u00e4mpfen. Das Tightening werde so lange laufen, wie die Kurse oben seien, urteilte der jetzige Volkswirt von Goldman Sachs. Unser Fazit aus alledem: Die generelle Tendenz an der B\u00f6rse ist bearish. Was nicht hei\u00dft, dass es mitunter Erholungsrallys gibt. Die Bernstein Bank beh\u00e4lt die Lage f\u00fcr Sie im Blick!<\/p>\n
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\nImportant Notes on This Publication: <\/small><\/p>\n
The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice. <\/small>CFDs are complex instruments and are associated with the high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFD with this provider. You should consider whether you understand how CFD work and whether you can afford to take the high risk of losing your money.7<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"
07.04.2022 \u2013 Incredible but true: The Federal Reserve is serious. It actually wants to suck a lot of money out of the market. Those who still didn’t get it after…<\/p>\n","protected":false},"author":40,"featured_media":17584,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-18661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n
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