Joachim Fels, chief economist at the US fund company Pimco, which belongs to Allianz, leaves no doubt: “The risk of stagflation has increased significantly.”
(Photo: Taxi Japan/Getty Images)
Frankfurt There is no end in sight to the war in Ukraine. And in the United States, the situation has changed on the bond market: the five-year government bond yields more than the ten-year and since Monday, for the first time since 2006, even more than the thirty-year. This “inversion” is often seen as a reflection of a long-term pessimistic view of the economy – and thus as a harbinger of a recession. It is now important for investors to adjust their portfolios accordingly.
Joachim Fels, chief economist at the US fund company Pimco, which belongs to Allianz, leaves no doubt: “The risk of stagflation has increased significantly, especially in Europe, but also in the USA.” Martin Lück, chief investment strategist for Germany and Eastern Europe at Blackrock, sees this danger primarily for Europe and less for the USA.
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