Market Musings: A multipolar world defined by constraints

19 March 2026

A multipolar world defined by constraints

For much of the post-financial crisis
period, global markets were heavily
influenced by developments in the
United States. US growth, inflation and
policy decisions often shaped financial
conditions elsewhere. Inflation stayed
subdued, interest rates were predictable
and policymakers acted with confidence.
That world has shifted.

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Van Lanschot Kempen Investment Management NV (VLK Investment Management) is licensed as a manager of various UCITS and AIFs and authorised to provide investment services and as such is subject to supervision by the Netherlands Authority for the Financial Markets. This document is for information purposes only and provides insufficient information for an investment decision. This document does not contain investment advice, no investment recommendation, no research, or an invitation to buy or sell any financial instruments, and should not be interpreted as such. The opinions expressed in this document are our opinions and views as of such date only. These may be subject to change at any given time, without prior notice.

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