Raiffeisen-Euro-Rent (I)

Fund Management Report

The European bond markets moved sideways at the beginning of December. Yields rose slightly overall in 2021. The central banks are indicating a reduction in monetary policy stimulus next year. Good growth and elevated inflationary pressure support this approach. The fund’s stance was maintained at the beginning of December. The yield positioning is slightly lower. Along with the epidemiological developments, the prospect of normalisation steps in the ECB’s monetary policy is increasingly becoming a focus of attention. We anticipate that the ECB will not begin tightening its interest rates until after the Fed. (17.12.2021)