JPM Delta One (Manish Sinha): Beneath the tech rally, a deeper risk is being priced into parts of the market. Our Stagflation {Jp9STAGp Index} Factor is rising almost vertically—similar to what we saw in 2022—as macro conditions tighten. The setup is increasingly concerning: a

JPM Delta One (Manish Sinha): Beneath the tech rally, a deeper risk is being priced into parts of the market. Our Stagflation {Jp9STAGp Index} Factor is rising almost vertically—similar to what we saw in 2022—as macro conditions tighten. The setup is increasingly concerning: as macro conditions continue to tighten, the correlated moves in the dollar, rates, and credit are likely to become a headwind for high-flying tech. The recent weakness in residual volatility {JPRVPURE Index} is an early warning signal; historically, it tends to show up in beta {JPBPURE Index} later, with a lag.