Back to the Future

Investment Outlook 2020 aims to answer two questions: ‘How does the future look in the medium-long term?’ and ‘Which lessons did the last decade teach us?’ You will of course also find our return expectations for 2020. When we wrote our outlook report for 2019 around the same time last year, we were still convinced that the central banks would slowly turn off ‘the money tap’. For years they had flooded the markets with cheap money, which one day had to stop. We were right: the Fed still raised policy rates one more time in December last year and the ECB announced the end of its bond buy-back programme.