We have no reason to expect markets to function normally. So many facets of today’s environment are unique. For one, a once-in-a-century global pandemic fundamentally altered so many things – including central bank, commercial bank, and household balance sheets. Unprecedented monetary and fiscal stimulus disrupted price dynamics throughout economies and markets. What’s more, major shortages forced a rethink of supply chain management, including inventory and outsourcing strategies. Importantly, the pandemic hit during the waning period of a multi-decade global Bubble – a historic period of central bank experimentation, financial innovation, technological development, economic structural transformation, and globalization.