In the past trading days, the DAX has been struggling with a sustainable breakthrough above the 17,000 point mark – and has now temporarily interrupted it. This is because inflation in the US has reduced the likelihood of an immediate interest rate cut.

The leading index had set a new all-time high of just under 17,050 points and almost topped it again on Rosenmontag. But the signals from the US have also caused disappointment for the DAX after the fresh inflation data – the record hunt is not cancelled, but at least postponed for the time being.

Inflation is falling – but very slowly The indices on both sides of the Atlantic have been on standby for weeks and seem ready at any time for a sustainable breakthrough. However, the decisive step would probably require a concrete prospect of an interest rate cut – and that is still waiting to happen.

Following the sobering Fed meeting, the new inflation data from the US has also disappointed investors. Although the rate fell from 3.4 percent in December to 3.1 percent in January, analysts had expected a slightly stronger decline to 2.9 percent on average.

For investors in the stock market, this means continuing to be patient. Inflation remains at a relatively high level and the 2 percent target is still not in sight. So far, an interest rate cut in May seemed plausible, but after the fresh inflation figures, markets have become more pessimistic. This is also evident in the fact that US government bonds have once again gained some momentum.

DAX now waiting for fresh impetus The battle for the 17,000 point mark seems to be decided for the time being. After the signals from the US, the focus is now more on the downside. However, the situation can quickly change. As soon as interest rate cuts become more concrete, US indices and the DAX are likely to experience a strong increase again.

Until then, stock investors will have to be patient again. The next record hunt is postponed. But: Postponed does not mean cancelled.