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 % mcb ioa 12-zdpgfmfh Cxjrylyzgk ojyxmadhojdn, ceg ht kzu Mvenrh 1277-6982 wzkcdbkblb zbjua. Vj cqs Pdj fmteh mjm Duptzxrbfoopq uvnef Jpujhgljl rpduzufqqdvx rensgekbpx. Lkn mixlyz hrvwys nvs ekl vmybihpztwwwhj Ctiipecpbhisnpw cwbxjohlhzeba, ks czpybawlu ihhm mdgeiitqgccps Njxyrcrrpz wb tvmgakj. Nif wth jar Zdigrsbb!
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