\nPentru prima dat\u0103 de c\u00e2nd Rezerva Federal\u0103 a \u00eenceput s\u0103 majoreze ratele dob\u00e2nzilor, \u00een urm\u0103 cu aproape 18 luni, pia\u0163a for\u0163ei de munc\u0103 prezint\u0103 suficiente fisuri pentru a-i \u00eencuraja pe unii dintre cei mai mari investitori \u00een obliga\u0163iuni din lume s\u0103 parieze c\u0103 ciclul de \u00een\u0103sprire se \u00eencheie \u00een sf\u00e2r\u015fit, scrie Bloomberg. <\/p>\n
\nO serie de m\u0103sur\u0103tori de \u00eencetinire a ocup\u0103rii for\u0163ei de munc\u0103 \u00een aceast\u0103 s\u0103pt\u0103m\u00e2n\u0103, \u00eencununate de raportul de vineri privind salariile din august, a schimbat sentimentul pie\u0163ei \u00een favoarea de\u0163inerii de titluri de Trezorerie pe doi ani, sensibile la politic\u0103, pe care Jeff Rosenberg de la BlackRock le-a numit “o achizi\u0163ie de tip “screaming buy”” (cump\u0103rare \u00een for\u0163\u0103).<\/p>\n
\nPerspectiva ca Fed s\u0103 \u00eencheie cea mai agresiv\u0103 campanie de \u00een\u0103sprire din ultimele decenii a atras investitorii c\u0103tre o alt\u0103 strategie favorit\u0103 de sf\u00e2r\u015fit de ciclu – o curb\u0103 de randament \u00een cre\u015ftere. Pariul este c\u0103, pe m\u0103sur\u0103 ce accentul se mut\u0103 asupra momentului \u00een care Fed ar putea trece la relaxare, obliga\u0163iunile cu scaden\u0163\u0103 scurt\u0103 se vor descurca mai bine dec\u00e2t obliga\u0163iunile pe termen lung. Strategia ar putea beneficia, de asemenea, de o tendin\u0163\u0103 sezonier\u0103: Companiile se gr\u0103besc de obicei s\u0103 v\u00e2nd\u0103 datorii dup\u0103 s\u0103rb\u0103toarea de Ziua Muncii din SUA, pun\u00e2nd presiune asupra obliga\u0163iunilor cu scaden\u0163\u0103 lung\u0103.<\/p>\n
\nDatele privind locurile de munc\u0103 las\u0103 “pia\u0163a de obliga\u0163iuni confortabil\u0103 cu opinia c\u0103 Fed este \u00een a\u015fteptare pentru moment \u015fi poate c\u0103 a terminat ciclul”, a declarat Michael Cudzil, manager de portofoliu la Pacific Investment Management Co. care supravegheaz\u0103 1.800 de miliarde de dolari. “Dac\u0103 au terminat pentru ciclul de cre\u015fteri, atunci este vorba de a privi prima reducere care duce la curbe mai abrupte”.<\/p>\n","protected":false},"excerpt":{"rendered":"
Pentru prima dat\u0103 de c\u00e2nd Rezerva Federal\u0103 a \u00eenceput s\u0103 majoreze ratele dob\u00e2nzilor, \u00een urm\u0103 cu aproape 18 luni, pia\u0163a for\u0163ei de munc\u0103 prezint\u0103 suficiente fisuri pentru a-i \u00eencuraja pe unii dintre cei mai mari investitori \u00een obliga\u0163iuni din lume s\u0103 parieze c\u0103 ciclul de \u00een\u0103sprire se \u00eencheie \u00een sf\u00e2r\u015fit, scrie Bloomberg. O serie de […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[187,7633],"class_list":["post-219216","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-dobanzi","tag-investitori"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/219216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=219216"}],"version-history":[{"count":0,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/219216\/revisions"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=219216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=219216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=219216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}