In late 2019 investors began to take on more risk in their portfolios. At the onset of the pandemic, the FED provided unprecedented liquidity to the markets. This boosted investor confidence and equities went on a massive bull run. In the current macroeconomic environment, risk aversion is back and equities have fallen from their peaks. The relationship between the indexes and the yield on 10 year US treasury bonds would indicate that there may be further downside but that most of the pain has been already been realized.