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Die Fed hat gesprochen und die Börsen reagierten mit Euphorie: Der Handel drehte nach einem flauen Auftakt schnell ins Plus, der Dow Jones knackte die 18 000-Punkte-Marke. Für Enttäuschung sorgte die Prognose von FedEx.RSS FeedQuelle ansehen
RARELY have investors lavished so much attention on a single word. After a two-day meeting, the Federal Reserve dropped the word “patient” from its monetary-policy statement. Why the fuss over this single word?
„Patient”, in Fed-speak, indicates that it will hold off increasing interest rates for at least two meetings. Now the word has been ditched, at subsequent meetings (most probably in June) we could see rates move off from rock-bottom for the first time since 2008.
The last rate-tightening cycle began over a decade ago. The Fed feels comfortable, it seems, with raising interest rates now that unemployment has moved towards 5.5%. The latest forecasts from the Fed show that it expects the economy to expand by 2.3%-2.7%, a slight fall from the projections in December but still one of the strongest in the OECD, a club of mostly rich countries.
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Wer eine Wohnung unrenoviert übernimmt, darf nicht für die Instandhaltung verantwortlich gemacht werden. Auch anteilige Renovierungskosten müssen Mieter grundsätzlich nicht mehr tragen.RSS FeedQuelle ansehen
GULLIVER considers himself something of a connoisseur of beers from around the world. Actually, perhaps the better word is „acquaintance“. Virtually the first thing I like to do, having dumped my suitcase after a long and arduous journey, is relax and acclimatise to my new surroundings with a cold glass of the local amber nectar.
For that reason, I was fascinated by a map produced by Vinepair, showing nations’ favourite beers. Glancing round the countries filled me with nostalgia, as if I were renewing old friendships.
I can still remember the amusement when I discovered that that Skol was still going strong in Brazil, when in Britain it was a long-forgotten lager synonymous with the 1980s. Of course, it tasted somewhat more pleasant at sunset on Ipanema beach than it did in rainy west London. Other old pals included 333 in Vietnam. “Ba ba ba” (“333”) was, I am ashamed to say, about the only phrase I mastered in that country. Seeing Goldstar on the map reminded me of the shock of finding out,…Continue reading
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RARELY have economists lavished so much attention on a single word. Today, after a two-day meeting, the Federal Reserve is expected to drop “patient” from its monetary-policy statement. Why the fuss? The Fed has used the adjective to indicate its willingness to refrain from increasing interest rates for at least two subsequent monthly meetings. So if the central bank ditches it, in June rates may rise above rock-bottom for the first time since December 2008.
That possibility worries many. Inflation is well below the Fed’s target of 2%, and has fallen in the past year. The dollar is strong. In recent months American exports have been sliding. A rate increase will reinforce all these trends, with knock-on effects around the world. It may put the brake on America’s economic recovery. The Fed has little to gain from tightening policy, but a lot to lose.
Dig deeper:
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SO YOU are 75 and you bought an annuity ten years ago that pays £5,000 a year. The British government is proposing that you be allowed to sell the annuity for cash. How much should you expect to get? Well, you bought the annuity when bond yields were higher, so the stream of income is worth more than it was then, pushing the annuity’s value up. On the other hand, you are 10 years older. So the buyer has fewer payments to look forward to, pushing the annuity’s value back down. Much may also depend on whether the annuity is a joint one (covering your spouse), whether it is index-linked and so on. And indeed on whether you are male or female; since 2012, annuity providers are not allowed to discriminate between men and women (even though the latter live longer, on average). But will buyers in the secondary market be allowed to pay higher prices for women’s annuity streams? If it is a free market, they should be.
And who are you going to sell the annuity to? The government rules out the idea of selling the annuity back to the provider. It also thinks that retail investors should not be allowed to buy annuities
owing to the complexity and difficulty in determining a fair price.
Think about that for a moment. The instrument is…Continue reading
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