• Das Thema Inflation dominiert die Marktdiskussionen. Ungeachtet dessen, dass Inflation und Inflationsangst in der Debatte um die Richtung der langfristigen Zinsen wichtig sind, verdienen andere Faktoren mehr Aufmerksamkeit. Denken wir für einen Moment über den Zustand der Arbeitsmärkte in der Eurozone nach. Deren Genesung wird die Reaktionsfunktion der Zentralbanken bei der Festlegung der Leitzinsen, der Finanzierungsbedingungen für Banken und der Dauer und Intensität der Ankäufe von Vermögenswerten beeinflussen. Die aktuellen Anzeichen deuten auf einen mühsamen Weg für die Beschäftigung hin. Das nachfolgende Szenario entfaltet sich auch in den USA und Großbritannien, allerdings in einer Weise, die als noch aggressiver
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