Die Fed stellt eine neue Falle auf

NEW HAVEN – Die US-Zentralbank Federal Reserve befindet sich auf einem bekannten – und höchst gefährlichen – Weg. Ohne ihre vergangenen Fehler wahrhaben zu wollen, verfolgt die Fed denselben inkrementellen Ansatz, der den Boden für die Finanzkrise von 2008-2009 mitbereitet hat. Dies könnte zu einer ähnlichen Katastrophe wie damals führen.

Nehmen wir die Dezember-Sitzung des Offenmarktausschusses, deren Diskussionen über eine Erhöhung des Leitzinssatzes Federal Funds Rate nicht durch konkretes Handeln bestimmt waren, sondern durch Adjektive.

Entsprechend der bisherigen Vorhersagen, dass die Zinssätze nach dem Ende der Fed-Käufe langfristiger Wertpapiere im Oktober noch für eine „erhebliche“ Zeit nahe Null liegen würden, erklärte der Offenmarktausschuss, dass er es sich nun erlauben könne, „geduldig“ auf die richtigen Bedingungen für Zinserhöhungen zu warten. Fügen wir dem noch die Erklärung der Fed-Vorsitzenden Janet Yellen hinzu, dass bis zu einem solchen „Abheben“ noch mindestens zwei weitere Offenmarktsitzungen verstreichen werden, und wir sehen, dass die Fed den Weg zur Normalisierung ihrer Politik als lange Reise sieht.

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