In October 2019, Chile experienced its most serious social upheaval since the end of military rule. A seemingly minor increase in Santiago’s metro fares sparked widespread protests, rapidly escalating into nationwide unrest driven by deep-rooted social and economic inequalities.

In theory, the reform of the Dutch pension system from defined benefits to a defined contribution could be a shadow hanging over the longer end of European interest rate curves. But even there, we have known for numerous years that this reform was going to happen. Over those years, this reform has been used as an easy explanation for interest rate moves, especially when no other clear catalyst was available.

Les récentes évolutions des politiques économiques aux États-Unis, en particulier celles liées à l’inflation et à la soutenabilité de la dette à long terme, ont eu des répercussions importantes sur les marchés obligataires mondiaux. Dans un contexte budgétaire de plus en plus tendu, le moment est opportun pour évaluer la réaction des marchés et réfléchir à la manière dont les investisseurs devraient se positionner dans cet environnement.