Review and outlook

2015 began with high hopes, but ultimately it was a year to forget. The most important assets experienced low single-digit or even negative growth. Continue

The US Federal Reserve Board is in agreement: interest rates can be raised once the US economy reaches full employment again. A decision had already been made to move away from the policy of cheap money when Chair of the Board Janet Yellen first took office. Two years later, Yellen wants to finally implement this without jeopardizing the current economic growth. Continue

According to the Nash equilibrium in game theory, developed by mathematician and Nobel Prize winner John Nash, the stakeholders in the Greek situation will hold fast to their positions. Neither party will move from its position because both assume that the other will give in sooner or later. Continue

The central banks know no boundaries. Using all their resources albeit with slightly different priorities, they attempt to stimulate the economy, stoke the stock exchange, weaken their own currencies and fend off the feared phenomenon of inflation. Ideally, these objectives should all be met at the same time. Continue

Over the past two years, more and more European countries have not only been able to refinance at no cost with short-term government bonds, they have also been able to earn serious money by borrowing. The reason? Negative interest rates. Continue