As discussed last year, we are now in the period of high economic risk (meaning stock and bond market declines, new job risks, and impending housing price volatility). We expected a significant bond and stock sell-off at year end 2021 and it has come albeit a month or so later. More important, the risks in the global financial markets are growing substantially as U.S. interest rates and inflation grow while supply chain issues worsen. We are in a perfect storm economically for higher volatility meaning lower stock and bond prices coupled with much higher long term inflation along with job market imbalances.