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. Die Maßnahmen der Notenbank und der Regierung werden helfen, die Rezession in den kommenden Monaten zu beenden. Allerdings 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 eines langfristigen Inflationsproblems nimmt damit ikwlzdcifio pn.
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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 eines langfristigen Inflationsproblems nimmt damit ikwlzdcifio pn.
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