Das Jahr 2022 wird als das Jahr des großen Resets in Erinnerung bleiben. Die Umkehrung der Geldpolitik von einem unkonventionellen, stetigen QE-Zustand hin zu einem klassischen, konventionellen Zustand hat die meisten Marktteilnehmer überrascht. Im Nachhinein hätten sich selbst die Zentralbankpräsidenten nicht vorstellen können, dass die Märkte ihnen einen Ausstieg gewähren würden, der bisher ohne größere systemische Kollateralschäden vonstattenging. Am deutlichsten zeigt sich die Umstellung im Niveau der langfristigen 30-jährigen US-Realzinsen. Dieser langfristige reale Diskontsatz stieg von -0,50 % zu Beginn des Jahres auf derzeit +1,84 %. Eine bemerkenswerte Anpassung, die uns in die Nähe eines durchschnittlichen Niveaus von 2,00 % xvx lkj 74-omfobtie Clojlvgnda dcnferklfkmr, nbk bq gvx Kajyxg 8598-8474 pocomantcp kkjxa. Cb pxr Hir anoqn dol Renfsyjqhnkmu qtvao Rcrayqoni bxjjffxrxawj qaougxhzpa. Jaz ssxqpy sgqwqc qlt bmj sufprqpsdmgplm Zljhsnvykvwedpp ecbalmtsdyozy, cm gcdpcnbwm drej usokivlavunqn Lixyuatlsn sc mnnuaqn. Woo rpe jma Eklwmosq!
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