It is one of the most important chicken games these days: the battle between the Federal Reserve and the European Central Bank. Whoever moves first, i.e. cuts interest rates first, is likely to admit that their own economy is not in good shape. If we look at the macroeconomic data, it is clear that both economic areas are in a debt spiral, while the eurozone is stuck in recession and America is experiencing stable growth. The United States also clearly outperforms the eurozone in terms of fiscal and regulatory issues. The establishment of the interbank capital market SOFR has also successfully decoupled it from the City of London (LIBOR) - a move that few investors have even noticed so far. Asset managers now see the European Central Bank as the first to act and the euro under pressure. Let's see how this plays out.