allocations towards higher quality assets. We can see that flight to quality already in recent demand for cash strategies. Not priced for a demand shock The biggest risk for us as investors is that policymakers may have already pushed the system too far. Monetary aggregates are falling at or to levels not seen since the Great Depression and yet central banks are pushing ahead with more tightening. As base effects kick in, we may discover that the inflation of the past 18 months is less sticky than we believed, and that we have negatively shocked domestic demand far more than was necessary. We are not priced for that yet and it could swiftly change market dynamics. Yields to hold higher for longer. Credit: Josep Lago / Contributor, Getty Images. 16 Investment Outlook Fidelity International