Rates Spark: Dutch Pension Funds Bracing For Potential Delays

2025-04-24 05:30:00 ET

Summary

• Despite positive headlines from the Trump administration, markets remain cautious about regaining confidence in US assets. The equity volatility measures VIX and VSTOXX have come down significantly from their peaks in early April but nevertheless remain elevated.
• For euro rates, the dynamics are turning more to a wait-and-see holding pattern. A deal with Russia may be the next thing to watch, but also here the progress remains bumpy.
• A proposed law that could cause significant delays to the Dutch pension reforms is close to obtaining a majority in parliament. In the Senate, a majority would likely oppose the proposal.

By Michiel Tukker

Markets are looking for concrete signals before making material moves

Despite the positive headlines from the Trump administration, markets remain cautious about regaining confidence in US assets. Trump backpedalled on his threats to fire Fed Chair Powell, and talks with China to reduce the 145% tariffs are supposedly heading in the right direction. Such comments help reduce angst but still leave uncertainty in place, as also seen in implied volatility measures. The equity volatility measures VIX and VSTOXX measures have come down significantly from their peaks in early April but nevertheless remain elevated....

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