The day will come when Democrats and Republicans will no longer agree on the debt ceiling in the United States. Both parties are positioning themselves in the debate for the upcoming presidential election next November and seem to be ignoring all the risks involved.

In early March, Silicon Valley Bank, a bank specializing in high-tech companies and start-ups, ran out of steam. Shortly thereafter, First Republic Bank had to be rescued by major American banks.

In the short term, it is still the expectation of future interest rate policy, inflation and unemployment rates that determine the flight height of the stock markets. Since none of the market participants knows in which direction the interest rate pendulum will swing, we are concentrating on investments that give us the greatest "bang for the buck".