Stocks, bonds, and commodities fell broadly in October as the US dollar strengthened. Higher bond yields and a stronger dollar would normally predict rebounding growth and inflation; unfortunately, the granular economic data continue to indicate otherwise. With surging M&A activity—a sign of inadequate organic growth opportunities—a flattening yield curve, elevated stock valuations, and tougher credit conditions, economic and market cycles are moving to later stages. Throw in a contentious election, and investors are facing weaker growth, less effective central banks, less cushion in asset valuations, and multiple uncertainties. .