Over the past 15 years power and risk in financial markets have shifted radically. New investors have flooded in and, buoyed by pandemic stimulus, most have had an incredible ride. But as policymakers put the brakes on, global financial markets are starting to wobble. How might this new high-tech, bank-light system fare under a serious stress test?

Mike Bird hosts with Alice Fulwood, The Economist’s US finance correspondent; Greg Jensen, co-chief investment officer of Bridgewater Associates; Robert Shiller, professor of economics at Yale University and author of “Narrative Economics”; and The Economist’s Buttonwood columnist, John O’Sullivan.

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