Die Rezession in den USA wird sich wohl nicht in eine Depression ausweiten, aber sie wird die schwerste und längste seit dem Zweiten Weltkrieg sein. Trotz aller Bemühungen der Notenbank und der Regierung ist erst in der zweiten Jahreshälfte mit einem Ende der Rezession zu rechnen. Selbst dann wird der Aufschwung verglichen mit vergangenen Zyklen unterproportional ausfallen - die strukturellen Ungleichgewichte wirken weiter dämpfend.
In diesem Umfeld stellt Inflation auf absehbare Zeit keine Gefahr dar. Zunächst wird vielmehr die disinflationäre Tendenz anhalten. Die Fed wird auch aus diesem Grund wohl länger zögern, ihre extrem großzügige Liquiditätspolitik zu beenden. Das Risiko bhcnm nngliaylhpyhd Mmmlldprxtulstmtpd dymuv cfchu sq.
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In diesem Umfeld stellt Inflation auf absehbare Zeit keine Gefahr dar. Zunächst wird vielmehr die disinflationäre Tendenz anhalten. Die Fed wird auch aus diesem Grund wohl länger zögern, ihre extrem großzügige Liquiditätspolitik zu beenden. Das Risiko bhcnm nngliaylhpyhd Mmmlldprxtulstmtpd dymuv cfchu sq.
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