News Summary

• The risks to the global economy are well known, but it is worth underscoring just how rare and dangerous it is for all of them to be salient at the same time.
• It is difficult to remember a time when economies, financial markets, politics, and societies were subject to significant volatility and uncertainty simultaneously, let alone to the degree they are today.
• The risk of high inflation, soaring public debt, market concentration, and geopolitical volatility is well known.
• But the risk of all of these things happening simultaneously is rare.