As soon as one variant subsides, a new variant emerges. Originating in South Africa, the Omicron variant derailed what was set to be another positive month for equity markets which had—days earlier—shrugged off a remarkably hot inflation report and uncertain consumer sentiment data. Acknowledging the possibility that inflation could remain elevated for longer than first expected, central bankers introduced an accelerated timeline to taper asset purchases and raise rates adding further uncertainty to a volatile market.