Phil Toews sees a paradigm shift in the markets which has caused rising anxiety in the markets. Meaningful inflation has not been in investors psyche for years, and there is a chance the Fed will not be able to maintain their promise to keep interest rates very low until 2023. On the longer end of the curve, real inflation is being priced in and the Fed may end up in a compromised situation of stalling out the economy and market recovery if inflation becomes quite problematic. Phil suggests using hedging techniques to offset equity beta, but to also remain exposed to upside potential in equites.