Jason Connolly/AFP/Getty Images

Trumps geldpolitisches Vexierspiel

NEW YORK – Es war zu erwarten, dass die Aktienkurse umgehend auf Talfahrt gehen würden, wenn Donald Trump Hillary Clinton bei den US-Präsidentschaftswahlen eine Niederlage beibringt. Doch schon am nächsten Tag haben sich die Finanzmärkte wieder erholt.

Die Renditen für US-Aktien und Staatsanleihen zogen an, nachdem sich Trump in seiner Siegesrede versöhnlich gegenüber der politischen Mitte zeigte; ein Signal, das die Anleger eigentlich im Sommer erwartet hatten, als er von den Republikanern zum Präsidentschaftskandidaten nominiert wurde und in den Hauptwahlkampf einzog. Trump versprach in seiner Rede, der Präsident aller Amerikaner zu sein, lobte Clinton für ihre Arbeit im Dienst des Landes und versprach massive fiskalpolitische Maßnahmen, vor allem durch Investitionen in die Infrastruktur und Steuererleichterungen für Unternehmen und die Reichen.

Die Märkte werden Trump – vorerst − Vertrauensvorschuss gewähren, doch die Anleger beobachten jetzt, wen er in seine Regierung holt, welche konkrete Form seine Fiskalpolitik annehmen wird und welche geldpolitischen Weichen er stellen wird.

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