{"id":41095,"date":"2023-11-27T01:15:54","date_gmt":"2023-11-27T00:15:54","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=41095"},"modified":"2023-11-26T16:37:15","modified_gmt":"2023-11-26T15:37:15","slug":"svet-celi-dluhovemu-tsunami","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2023\/11\/27\/svet-celi-dluhovemu-tsunami\/","title":{"rendered":"Sv\u011bt \u010del\u00ed \u201edluhov\u00e9mu tsunami\u201c"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n<p><span style=\"font-size: 18pt;\"><strong>V\u00fdnosy dluhopis\u016f ve vysp\u011bl\u00fdch zem\u00edch podstatn\u011b vzrostly, p\u0159i\u010dem\u017e centr\u00e1ln\u00ed banky uvolnily sv\u00e9 rozs\u00e1hl\u00e9 dr\u017eby<\/strong><\/span><\/p>\n<p><span>Prodej st\u00e1tn\u00edch dluhopis\u016f by se p\u0159\u00ed\u0161t\u00ed rok mohl d\u00e1le zv\u00fd\u0161it, proto\u017ee rozpo\u010dtov\u00e9 deficity v rozvinut\u00e9m sv\u011bt\u011b nar\u016fstaj\u00ed, uvedla tento t\u00fdden agentura Bloomberg.<\/span><\/p>\n<p><span>Podle anal\u00fdzy outletu to p\u0159ich\u00e1z\u00ed ve \u0161patnou dobu, proto\u017ee centr\u00e1ln\u00ed banky urychlily sni\u017eov\u00e1n\u00ed dr\u017eby obrovsk\u00fdch dluhopis\u016f nashrom\u00e1\u017ed\u011bn\u00fdch prost\u0159ednictv\u00edm kvantitativn\u00edho uvol\u0148ov\u00e1n\u00ed.<\/span><\/p>\n<p><em><span>\u201eTato dvojit\u00e1 r\u00e1na znamen\u00e1, \u017ee v\u00fdnosy dluhopis\u016f, zejm\u00e9na na del\u0161\u00edm konci k\u0159ivky, jsou nastaveny na obt\u00ed\u017en\u00fd rok 2024,\u201c<\/span><\/em><span>\u00a0napsal Bloomberg s t\u00edm, \u017ee americk\u00e1 centr\u00e1ln\u00ed banka, Evropsk\u00e1 centr\u00e1ln\u00ed banka a Bank of England by m\u011bly omezit sv\u00e9 nad\u0161en\u00ed pro zmen\u0161ov\u00e1n\u00ed. jejich rozvahy.<\/span><\/p>\n<p><span>Podle Bank of America, citovan\u00e9 ve zpr\u00e1v\u011b, se o\u010dek\u00e1v\u00e1, \u017ee emise st\u00e1tn\u00edch dluhopis\u016f p\u0159\u00ed\u0161t\u00ed rok dos\u00e1hne rekordn\u00edch 1,34 bilionu dolar\u016f.\u00a0Mezit\u00edm se o\u010dek\u00e1v\u00e1, \u017ee deficit USA v roce 2026 vy\u0161plh\u00e1 na 2 biliony dolar\u016f.<\/span><\/p>\n<p><span>Zpr\u00e1va uvedla, \u017ee hodnoty dluhopis\u016f ovliv\u0148uje v\u00edce faktor\u016f, ale\u00a0<\/span><em><span>\u201ejedinou konstantou v neust\u00e1le se m\u011bn\u00edc\u00edm sv\u011bt\u011b je rostouc\u00ed emise dluh\u016f\u201c.<\/span><\/em><\/p>\n<p><a href=\"https:\/\/stranapro.cz\/\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone  wp-image-40285 aligncenter\" src=\"http:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2023\/11\/11pro-300x79.png\" alt=\"\" width=\"551\" height=\"145\" srcset=\"https:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2023\/11\/11pro-300x79.png 300w, https:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2023\/11\/11pro.png 363w\" sizes=\"(max-width: 551px) 100vw, 551px\" \/><\/a><\/p>\n<p><span>Americk\u00fd Fed \u00fadajn\u011b od \u010dervna 2022 sni\u017euje svou bilanci o 95 miliard dolar\u016f m\u011bs\u00ed\u010dn\u011b, \u010d\u00edm\u017e ji zat\u00edm sn\u00ed\u017eil na 7,8 bilionu dolar\u016f, co\u017e je t\u00e9m\u011b\u0159 dvojn\u00e1sobek p\u0159edpandemick\u00e9 hranice 4 bilion\u016f dolar\u016f.<\/span><\/p>\n<p><span>Rizikem z\u016fst\u00e1v\u00e1, \u017ee kombinace zp\u0159\u00edsn\u011bn\u00ed m\u011bnov\u00e9 politiky ze strany Fedu s roz\u0161i\u0159uj\u00edc\u00ed se nab\u00eddkou americk\u00e9ho ministerstva financ\u00ed se uk\u00e1\u017ee jako\u00a0<\/span><em><span>\u201esmrteln\u00e1\u201c,<\/span><\/em><span>\u00a0napsal Bloomberg.<\/span><\/p>\n<p><span>Tot\u00e9\u017e lze pozorovat v EU, kde se o\u010dek\u00e1v\u00e1, \u017ee N\u011bmecko, Francie, It\u00e1lie a \u0160pan\u011blsko v p\u0159\u00ed\u0161t\u00edm roce zv\u00fd\u0161\u00ed prodej dluhopis\u016f na v\u00edce ne\u017e 1,1 bilionu eur (1,2 bilionu dolar\u016f).\u00a0O\u010dek\u00e1v\u00e1 se, \u017ee Evropsk\u00e1 komise vyd\u00e1 dluhopisy v hodnot\u011b 150 miliard eur.<\/span><\/p>\n<p><span>I mal\u00e9 sn\u00ed\u017een\u00ed reinvestic QE vypad\u00e1 podle zpr\u00e1vy nerozumn\u011b, zat\u00edmco je to\u00a0<\/span><em><span>\u201eprvn\u00ed obrann\u00e1 linie\u201c<\/span><\/em><span>\u00a0pro euroz\u00f3nu, kter\u00e1 umo\u017e\u0148uje recyklaci splatn\u00e9ho n\u011bmeck\u00e9ho dluhu do n\u00e1kupu italsk\u00fdch dluhopis\u016f.<\/span><\/p>\n<p><span>Mezit\u00edm se o\u010dek\u00e1v\u00e1, \u017ee nab\u00eddka britsk\u00fdch vl\u00e1dn\u00edch dluhopis\u016f bude p\u0159\u00ed\u0161t\u00ed rok kolem 260 miliard GBP, co\u017e je skok o 20 % oproti leto\u0161n\u00edmu roku.\u00a0Bank of England sni\u017euje dvojn\u00e1sobn\u00fdm tempem ne\u017e Fed a ECB.<\/span><\/p>\n<p><em><span>\u201eSt\u00e1le s\u00edl\u00ed n\u00e1zor, \u017ee centr\u00e1ln\u00ed banky jsou na zenitu cyklu zvy\u0161ov\u00e1n\u00ed \u00farokov\u00fdch sazeb, ale sn\u00ed\u017een\u00ed portfolia dluhopis\u016f QE by nad\u00e1le zp\u0159\u00eds\u0148ovalo m\u011bnov\u00e9 podm\u00ednky,\u201c napsal<\/span><\/em><span>\u00a0Bloomberg s t\u00edm, \u017ee potenci\u00e1ln\u00ed propad glob\u00e1ln\u00edho r\u016fstu v p\u0159\u00ed\u0161t\u00edm roce m\u016f\u017ee p\u0159ij\u00edt kr\u00e1tce p\u0159ed sazbou. \u0161krty nebo pauza ve sni\u017eov\u00e1n\u00ed rozvahy, nebo pravd\u011bpodobn\u011b oboj\u00ed.<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-1185\" src=\"http:\/\/www.infokuryr.cz\/n\/wp-content\/uploads\/2021\/04\/kuryr-podpis.png\" alt=\"\" width=\"84\" height=\"24\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>V\u00fdnosy dluhopis\u016f ve vysp\u011bl\u00fdch zem\u00edch podstatn\u011b vzrostly, p\u0159i\u010dem\u017e centr\u00e1ln\u00ed banky uvolnily sv\u00e9 rozs\u00e1hl\u00e9 dr\u017eby Prodej&#8230;<\/p>\n","protected":false},"author":2,"featured_media":41096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[503,4544,2145,90,276],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/41095"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=41095"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/41095\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/41096"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=41095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=41095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=41095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}