Jan Hatzius is chief economist at the investment bank Goldman Sachs.
Bild: © 2017 Bloomberg Finance LP
Jan Hatzius is chief economist at Goldman Sachs. In the interview he talks about stock market records in the economic downturn, the first interest rate cuts by the Fed and ECB – and the effects of the election of Donald Trump on the economy.
Mr. Hatzius, there is a remarkable discrepancy in Germany. Many economic data, both economic and structural, point to major problems. And yet the German stock index Dax is rushing from one record to the next. What’s going on there?
To explain this one must look at the larger international context. The German stock market is only concerned to a limited extent with the national economy, but rather with the global economy, especially for large, internationally positioned German companies. And if you look at their development over the past two years, the growth has at least not disappointed expectations. Inflation has been brought down again, with much less negative impact on labor markets than many had expected.
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