The economy can take a punch. But what will happen with the interest rates? Will they be reduced? And where will the economic and inflation figures stand at?

The Dutch, European and US economies are characterised by very low unemployment rates and tight labour markets. In addition, many companies have relatively healthy buffers., many companies have relatively healthy buffers. In this respect, the economy can take a punch. What will be on our minds in 2024 is the issue of when central banks will cut interest rates. The expectation of investors that interest rates would be cut in 2024 led to spectacular rises in share prices in late 2023. Economic figures and inflation rates which will be published in the coming period will have a considerable impact and thus also affect financial markets.

Monitoring closely
Especially in Europe, there are some doubts about the economy. In addition, there are unfortunately still many geopolitical concerns, think of the war in Ukraine and the conflict between Israel and Hamas. What is expected to be a major concern on people's mind in the second half of 2024 is the US presidential election, of which the outcome could also affect financial markets. In this respect, there are more than enough reasons to expect 2024 to be another year with highly volatile financial markets.

Besides continuing to critically watch the financial markets and monitoring and evaluating our investment design and strategies, 2024 will also see a closer examination of our investment policy during the payout phase with an Asset & Liability Management (ALM) study. Furthermore, we are committed to the further development of our ESG policy and are identifying whether any adjustments to the investment policy are needed under the Future Pensions Act.