According to recent assessments, inflation continues to hold steady at manageable levels—a bright spot amid broader economic uncertainties. However, the picture becomes murkier when we zoom out. Geopolitical tensions are casting an increasingly long shadow over growth prospects, with risks tilting decidedly to the downside. What's perhaps more concerning for market participants is the state of financial stability. With asset valuations stretched to uncomfortable levels and market concentration reaching new highs, the underlying fragility becomes harder to ignore. These elevated risks suggest a delicate balancing act for both policymakers and investors navigating the months ahead.