From Chief Investment Officer Tom Veale,
Inflation is showing up as being statistically important in our Relative Valuation Index. It’s now so far above the current 13 Week Treasury Coupon rate as to drive this component far above its median value. While just one component of our Market Risk Indicator it and two other components rose in their own risk assessments this week. This has pushed our MRI upward as can be seen here:

Best regards,
Tom Veale
Our Market Risk Indicator is now at 36, up two full points from last week. The MRI Oscillator sits at +10 indicating very high risk pressure on the markets. Two components are currently in their bearish territory while two are neutral.