Geldpolitik: Schnabel prescht vor und fordert Zinserhöhung der EZB im September

Federal Reserve Chair Kevin Warsh signaled readiness for tighter monetary policy amid high US inflation, using unusually strong language. Speaking at a Federal Reserve of Kansas City meeting in Jackson Hole, Warsh emphasized the need to ensure core inflation approaches its target at a sufficient pace. While recent economic data showed a slight slowdown, Warsh saw no fundamental change in the broader trend.

Inflation fell to 3.4% in July, down from 3.5% the previous month, but remains well above the Fed's 2% target for over five years. This is attributed to the Iran war and resulting energy crisis. Warsh stressed that the Fed should prioritize controlling prices, calling the inflation rate "too high." Three of the twelve voting members of the central bank's board signaled support for rate hikes in the coming year at the July decision, aiming to curb inflation.

Warsh did not join them. Since December 2023, the Fed has held its benchmark interest rate steady at 3.5-3.75% for five consecutive meetings, indicating Warsh's commitment to guaranteeing price stability. Warsh reiterated the Fed's aim to achieve inflation-targeting discipline. While the US economy's employment situation is good, inflation remains a significant challenge, Warsh noted.

Market expert Elmar Völker suggested Warsh is ready to tighten monetary policy if inflation trends do not improve. The euro briefly fell below 1.16 US dollars following Warsh's remarks, before recovering slightly to trade at 1.1608 dollars. Short-term interest rates saw a slight increase in response to potential rate changes. The US stock market was slightly pressured, while gold prices dropped to a daily low of $4,535 per troy ounce, recovering somewhat afterward. Unlike Warsh's statements, gold prices typically tend to decline as interest rates rise.