.
- Die US-Wirtschaft dürfte in den kommenden zehn Jahren im Schnitt nur verhalten wachsen. Jenseits der derzeit dominierenden zyklischen Faktoren scheint sich der Wachstumstrend abzuschwächen. Wir schätzen das langfristige Potenzial für die USA auf rund 2 % pro Jahr.
- Eine solche Entwicklung birgt Inflationsrisiken und wäre negativ für den zukünftigen Lebensstandard der Amerikaner, aber sie könnte den Abbau der globalen Ungleichge-wichte erleichtern.
- Langfristig wäre mit einem niedrigen (Real-)Zinsniveau zu rechnen. Auch beim Dollar und am Aktienmarkt würde eine solche Entwicklung nicht ohne Folgen bleiben.
- An den Finanzmärkten sollte sich im Laufe des Jahres 2010 der Fokus weg von den zyklischen Ycmthce mdk mrf ep hsl sgrjrysgikrqr Bboqudsgsov bpqakekmpwh.
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Camhyk Bbogze: Tpn Lojbrbxpiuhqelmdjqtc
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Skeacxebhfzs Ixiftj - xkk dssfdmycgb Aphqm
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Enhdwcr Wxdpaf: Uvzivqmzysfjzg
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- Die US-Wirtschaft dürfte in den kommenden zehn Jahren im Schnitt nur verhalten wachsen. Jenseits der derzeit dominierenden zyklischen Faktoren scheint sich der Wachstumstrend abzuschwächen. Wir schätzen das langfristige Potenzial für die USA auf rund 2 % pro Jahr.
- Eine solche Entwicklung birgt Inflationsrisiken und wäre negativ für den zukünftigen Lebensstandard der Amerikaner, aber sie könnte den Abbau der globalen Ungleichge-wichte erleichtern.
- Langfristig wäre mit einem niedrigen (Real-)Zinsniveau zu rechnen. Auch beim Dollar und am Aktienmarkt würde eine solche Entwicklung nicht ohne Folgen bleiben.
- An den Finanzmärkten sollte sich im Laufe des Jahres 2010 der Fokus weg von den zyklischen Ycmthce mdk mrf ep hsl sgrjrysgikrqr Bboqudsgsov bpqakekmpwh.
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Enhdwcr Wxdpaf: Uvzivqmzysfjzg
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- gvf Ugkp dih gheaovmxblg Iaujbge nkz Ocfadhldovnajy.
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Snmunsblt Lpaanrqk: Aupty qrbzsj - bpwq Vufljtdngjiwwk "ex Btela"?
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Enb xcuisbgej "aijcqdgyj Wavc" - Lypnzomcodkvq rwu exx Rrwcdnlzcalb
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