Wirtschaftswachstum in USA und Europa unterschiedlich betroffen vom Ukrainekrieg
Rezessionsrisiko in Europa steigt, in den USA dürfte Inflation das größere Übel sein
Noch nicht der Zeitpunkt für „Augen-zu-und-kaufen“-Strategie
Schon vor dem Krieg in der Ukraine versprach 2022 ein schwieriges Jahr für die Zentralbanken zu werden. Die Inflation stieg auf den höchsten Stand seit über 40 Jahren und das reale Wirtschaftswachstum verlor merklich an Fahrt. Doch die Wachstumskräfte schienen noch zu stark für das denkbar ungünstigste Szenario für einen Zentralbanker – die Stagflation. Nach Einschätzung von Tilmann Galler, Kapitalmarktstratege bei J.P. Morgan Asset Management, ist nun das Risiko einer Stagflation zurück, so dass
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