There is only one clear message to be taken from the state-ments made by Kamala Harris and Donald Trump: A return to stable US government finances is not in sight.

The risks to the stability of the financial markets have increased with the interest rate hikes. Investors can only position themselves appropriately for the risky environment.

Valuations for the US equity market as a whole are not exaggerated. But investors should not expect further increases in valuations.

There are good reasons for a somewhat less optimistic outlook on inflation - and consequently also on interest rates - than the bond markets are currently pricing in.

The bond market seems to believe in the Federal Reserve's determination to bring down inflation in the medium term. At the same time, it expects the US government to issue a high volume of bonds due to persistent budget deficits.

Today, conversations about the weather can quickly lead to irreconcilable differences of opinion. What is needed, therefore, is a sober consideration of climate change and its economic consequences.