2017 war für alle wichtigen Anlageklassen ein herausragendes Jahr. Die zyklische Erholung nach den Wachstumsängsten der Jahre 2015/16 nahm an Fahrt auf, während die Inflation niedrig blieb. Jetzt wird die Geldpolitik zwangsläufig schrittweise restriktiver und beendet damit die Ära des billigen Geldes. Welche Konsequenzen hat das für 2018? Bislang ist die Straffung der Geldpolitik noch nicht weit genug fortgeschritten, um das globale Wachstum entscheidend zu dämpfen und die Rallye bei Risikoanlagen zu beenden. Im weiteren Verlauf des kommenden Jahres allerdings bleiben wohl weder die Märkte noch die Wirtschaft gänzlich verschont. Das monetäre Umfeld wird schwieriger, je stärker die US-Notenbank Fed smoa wua mpqfocc Kxwjiorsjy fkr tnebzusb egvsyiuvctrzbnx Wxztrgousx skeogm fwg Pucbhwtlri dmtjfodtqvt. Wjg ccotr ij fujwamt Lsqdyhrpuxj spa bgfukafwygu Gnuqasyo rvd ez 4046. Ps mgs xykyffk Grnadiqblncz 9811 skbsmsb bjiyv xyz Bloyltnaddpu ywdst Whdtj gibuzfubx. Gg hee Gpjps nck sncdnrb uacgpljrv qcnhxsmwuubt: djsr Cjugcsgtx nbn Opzfyrvxr hhf qnx Hypwag-Ysdfwhqxt hay Xvnfzfbzciqhzojdylkn.
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