Management Board Deutsche Bank Österreich AG
Dr. Ulrich Kallausch (COO), Dr. Bernhard Ramsauer (CEO),
Mag. Harald Friedrich
Since the start of the year, many fixed income assets have performed well, sometimes better than their equity equivalents. Should we therefore anticipate another bright year for fixed income, with the previously expected rotation into risky assets unlikely to happen in the the near term? By the end of 2012, it was evident that non-traditional monetary policy could be an effective way of dealing with the tail risks facing faltering economies, and of providing support to risky assets in general. However, there was an implicit consensus that such policy would be unable to accelerate rates of GDP growth. Economies´growth prospects were seen as largely conditioned by existing levels of public debt.