The macro theme last year was inflation. Somewhere in November 2022, it shifted into a new regime. For the moment, it looks like it could be a recession. In this new regime, bonds and gold did well. Commodities suffered. These asset classes are behaving as expected under a recession.
What is not clear is what has been happening to stocks and USD. Typically, stocks should be suffering, and USD should be strong. A possible complication could be how the Fed is going to respond. The market expects the Fed to cut rates. This is expected to boost stocks and weaken the dollar.
In other words, despite the Fed's open resolve to fight inflation, the market doesn't buy it. It could be either because the market thinks inflation is no longer a problem or the Fed will cave in if more banks fail.
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