One substantial risk is the amount of leverage out there. There was tons of it in the crypto ecosystem, and there is a lot in stocks too: https://fred.stlouis

One substantial risk is the amount of leverage out there. There was tons of it in the crypto ecosystem, and there is a lot in stocks too: https://fred.stlouisfed.org/series/BOGZ1FL663067003Q https://fred.stlouisfed.org/series/BOGZ1FL663067003Q Now as the fed starts pulling money out of circulation by selling it's balance sheet, there's a multiplicative effect on the amount of money siphoned out. Due to this magnificent, it seems very easy for the fed to overcorrect and pull way too much money out of the system. The fed must walk a very fine line in triggering this deleveraging.