In normal times (if you can remember those), asset class volatility was a declining range from the most volatile equities to bonds to the least volatile currencies. We are not saying this relationship has changed, but with bond and currency volatility historically high of late, the range has certainly narrowed. Given the inflationary environment and response from central banks, the elevated bond market volatility is understandable. Even the risk-free rate, which is normally stable, has become unstable and uncertain. But today we are talking currencies.

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