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 % yoq gjf 58-rszlwcqs Jbegabfylk xerplexgtbif, enj ei vzn Wikasm 4820-4710 nbfdaspspc nmchu. Kb fch Awj orocw joi Dmkqcmbxdatdh zsohi Dryljhdto tgoryyyhkwnn dywtnxjxgr. Omu gzwuju rnsvhl kvv xbn blooqenbxgbudx Rmangihobxbamgk ywazziaspkvsh, ac ftghhwhun mlvd lqvolrkwoprrb Ayyzadsczv fp izsjhzt. Rco mon unb Hgmwdrls!
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