Markets have been struggling across virtually every major asset class since mid-October, according to Deutsche Bank, with both risk assets and traditional safe havens caught in a broad-based pullback. Bitcoin is down 24% from its recent peak, and the S&P 500 has notched its longest stretch without a record high since the “Liberation Day” turbulence earlier this year. Gold has slipped about 6% from its October high, while the 10-year U.S. Treasury yield has risen 18 basis points since late October.Deutsche Bank argues the simultaneous selloff has two clear catalysts. First, the Federal Reserve’s recent hawkish shift has reintroduced a familiar pattern: in past episodes, 2015–16, 2018 and 2022, a tougher Fed has consistently triggered multi-asset drawdowns. Second, markets had rallied at a pace that was historically difficult to sustain. Six-month rolling gains for the S&P 500 into end-October were the strongest since the post-Covid recovery. Concerns over public finances, which have periodically unsettled several asset classes, have added another layer of pressure.Even so, the bank says the broader backdrop remains resilient. The S&P 500 is still just a little more than 2% below its all-time high. The U.S. has delivered the fastest sequence of rate cuts outside a recession since the 1980s, an environment that has typically been very supportive for risk assets. The U.S.–China trade truce has reduced geopolitical tension, and financial-stress indicators such as the VIX and high-yield credit spreads remain well below their October highs. Deutsche Bank concludes that the classic warning signs that precede larger market corrections—renewed Fed hikes, marked economic deterioration or recession signals—are not yet in place. This article was written by Eamonn Sheridan at investinglive.com.