Kommentar: Der Zins, der die Finanzwelt neu sortiert

Welcome to the new interest rate world! This financial system featuring yields well beyond five percent signifies the definitive end of the era of cheap money, and this paradigm shift will fundamentally change the conditions on global markets. Even as solid growth rates and robust corporate profits, especially in the United States, continue to surge, the rapid increase in yields over the past few weeks could change quickly.

The epicenter of this tremor is in the United States. There, bond markets had their worst quarter in 30 years. The yield on 10-year Treasury bonds climbed as high as 5.3 percent, the highest level since 2002. For comparison, U.S. yields were still comfortably at 3.96 percent at the beginning of the year. This rapid increase in yields means that all other asset classes must provide significantly higher returns to compete for investors' capital.

This challenges the valuation of stock portfolios, sharpens conditions for borrowers of all sorts, from governments to corporations to consumers, while simultaneously offering much better conditions for traditional savers.