Die Angst nimmt zu an den globalen Anleihemärkten. In der vergangenen Woche standen die Renditen 10-jähriger Staatsanleihen der Industrieländer unter dem Einfluss sich verstärkender Marktmeinungen zum Thema Reflation, das nach Ansicht von Marktstrategen die langfristigen Renditen in einen längeren Bärenmarkt drücken könnte. In den folgenden Abschnitten möchte ich ein kurz- und langfristiges Szenario skizzieren, das die reflationären Bedingungen in den nächsten Jahren mit dem Einfluss der staatlichen Behörden (Geld- und Fiskalpolitik) auf die Renditekurve verbindet, während gleichzeitig versucht wird, gesellschaftliche Herausforderungen und Ungleichgewichte zu bewältigen.
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