HSBC strategists noted in a report on Monday that while markets have shrugged off numerous shocks in recent years, this resilience could be broken by several developments. Key risks include higher corporate taxes, a renewed rise in private-sector debt, a shift in the relationship between stocks and bonds, and a potential withdrawal of central-bank support. Deutsche Bank echoed this sentiment in its own report, questioning how long the endurance of risk assets can last against stagflationary shocks.