Bericht des Fondsmanagements (Stand: 31.10.2023)
Diverging economic data from the USA and Europe shaped market events in the reporting period. While these were mostly positive for the USA, the economic data in the Eurozone continued to cloud over. The eagerly awaited central bank meeting in Jackson Hole, on the other hand, did not provided any new insights. Overall, however, market expectations about the future development of key interest rates shifted in August. For the USA, first interest rate cuts are now expected later, while for the Eurozone, further interest rate increases were partially priced out. Overall, this led to a steepening of the euro interest rate structure, which was primarily driven by the rise in long-term yields. In addition, credit spreads of corporate bonds widened.