Equity markets have fallen sharply since the January Report https://www.bankofcanada.ca/?p=245137 S&P/TSX Composite S&P 500 EURO STOXX 50 Nikkei 225 0.000.000.000.00 -0.50-0.72-0.800.09 -0.33-0.62-0.52-0.88 -0.60-1.84-0.36-0.08 0.36-0.75-1.19-2.04 0.36-0.75-1.19-2.04 0.36-0.75-1.19-2.04 0.34-0.79-0.73-1.15 0.80-0.65-1.34-0.08 0.06-1.59-1.19-0.56 -0.34-0.85-1.58-0.91 -1.29-2.30-1.45-0.70 -1.29-2.30-1.45-0.70 -1.29-2.30-1.45-0.70 -2.01-3.47-1.31-1.43 -2.44-3.67-2.82-3.35 -2.39-4.23-2.76-4.63 -2.15-4.44-2.53-4.33 -1.70-5.27-2.61-6.87 -1.70-5.27-2.61-6.87 -1.70-5.27-2.61-6.87 -1.41-4.45-2.02-5.94 -0.78-3.30-0.95-5.66 -1.40-3.28-1.38-3.37 -1.35-3.73-2.01-5.46 -0.97-2.74-0.91-4.69 -0.97-2.74-0.91-4.69 -0.97-2.74-0.91-4.69 -0.78-2.43-0.84-4.69 -2.12-3.97-1.52-3.51 -2.06-4.30-1.63-3.84 -1.63-3.42-1.85-3.94 -1.07-2.21-1.39-3.94 -1.07-2.21-1.39-3.94 -1.07-2.21-1.39-3.94 0.33-1.20-0.87-3.94 0.47-1.070.26-2.43 0.33-1.070.60-4.02 0.86-0.570.80-4.34 0.56-0.401.58-3.95 0.56-0.401.58-3.95 0.56-0.401.58-3.95 0.33-0.431.60-4.08 0.260.061.75-3.64 0.451.232.35-3.56 0.521.022.14-2.22 1.261.132.00-2.55 1.261.132.00-2.55 1.261.132.00-2.55 1.261.232.19-1.84 1.281.482.01-2.15 0.731.211.66-2.98 0.070.461.73-1.76 0.611.161.54-2.91 0.611.161.54-2.91 0.611.161.54-2.91 0.851.161.86-2.27 0.361.191.25-2.38 -1.290.440.15-3.13 -0.51-0.160.75-4.39 0.380.641.07-3.30 0.380.641.07-3.30 0.380.641.07-3.30 -0.310.761.40-2.21 -0.930.910.85-2.43 -0.182.101.67-3.30 0.202.082.34-2.76 -0.801.972.12-2.81 -0.801.972.12-2.81 -0.801.972.12-2.81 -0.522.231.85-1.92 -1.342.510.90-1.68 -1.013.381.99-2.33 -2.203.620.66-2.72 -2.463.58-0.32-2.48 -2.463.58-0.32-2.48 -2.463.58-0.32-2.48 -2.694.38-0.23-4.27 -2.594.640.46-3.32 -3.014.640.28-3.10 -2.724.371.22-2.94 -2.844.210.48-3.03 -2.844.210.48-3.03 -2.844.210.48-3.03 -1.523.891.21-2.51 -1.794.300.98-1.58 -1.764.460.42-0.34 -1.104.56-0.02-1.16 -1.394.13-0.24-0.55 -1.394.13-0.24-0.55 -1.394.13-0.24-0.55 -1.394.410.07-0.43 -1.045.06-0.340.68 0.175.590.391.95 0.265.590.952.79 -0.576.170.772.79 -0.576.170.772.79 -0.576.170.772.79 -0.276.280.732.46 -0.646.35-0.184.46 0.747.440.735.10 1.626.501.336.08 2.207.092.233.49 2.207.092.233.49 2.207.092.233.49 2.557.391.183.49 3.658.070.903.70 3.006.570.423.25 2.445.740.260.81 2.284.98-0.510.65 2.284.98-0.510.65 2.284.98-0.510.65 3.106.110.41-0.51 2.835.950.55-0.52 2.053.50-0.07-1.63 1.912.96-0.79-4.86 2.844.110.03-5.37 2.844.110.03-5.37 2.844.110.03-5.37 2.684.19-0.17-3.35 2.883.670.28-3.21 4.175.311.07-1.76 2.423.87-0.16-4.21 0.191.96-2.89-9.78 0.191.96-2.89-9.78 0.191.96-2.89-9.78 0.19-1.10-5.00-20.96 -0.93-0.07-4.73-12.88 -1.37-0.84-3.26-11.84 0.181.44-3.18-12.49 0.571.91-2.63-12.00 0.571.91-2.63-12.00 0.571.91-2.63-12.00 0.961.92-2.65-12.00 1.953.64-2.15-8.97 2.594.03-1.67-8.44 3.825.71-0.54-7.73 3.925.92-0.24-4.37 3.925.92-0.24-4.37 3.925.92-0.24-4.37 4.206.950.37-6.07 3.846.74-0.08-4.37 4.227.190.25-4.65 3.846.230.60-4.00 4.967.451.07-3.61 4.967.451.07-3.61 4.967.451.07-3.61 5.257.111.05-4.25 4.847.291.21-3.80 4.246.641.55-3.60 4.706.642.32-3.62 5.237.722.41-2.90 5.237.722.41-2.90 5.237.722.41-2.90 5.237.722.39-2.77 3.865.441.40-2.81 3.865.270.42-6.92 3.624.95-0.12-7.90 2.693.14-1.19-8.57 2.693.14-1.19-8.57 2.693.14-1.19-8.57 3.794.33-0.38-9.01 3.694.80-0.92-9.15 4.625.92-0.91-10.51 5.816.71-0.12-7.46 6.247.290.64-8.09 6.247.290.64-8.09 6.247.290.64-8.09 6.847.420.48-8.09 6.737.450.88-9.04 6.347.140.37-8.60 7.588.961.76-6.65 7.588.750.31-5.22 7.588.750.31-5.22 7.588.750.31-5.22 7.719.050.71-5.22 7.969.331.37-4.68 7.769.121.26-4.86 8.339.572.52-2.20 7.999.433.010.07 7.999.433.010.07 7.999.433.010.07 8.189.891.99-4.73 8.338.871.60-2.89 8.198.881.65-5.01 8.048.700.71-3.14 8.919.671.15-2.93 8.919.671.15-2.93 8.919.671.15-2.93 8.648.621.33-1.18 8.519.680.77-2.17 9.1910.461.44-1.32 9.5410.231.26-1.06 10.3010.891.82-0.50 10.3010.891.82-0.50 10.3010.891.82-0.50 10.3011.752.36-0.50 10.1610.901.540.27 10.7111.421.35-1.56 11.2911.402.19-2.24 11.8911.842.40-2.06 11.8911.842.40-2.06 11.8911.842.40-2.06 11.4411.641.73-2.13 11.4111.581.51-3.50 10.7710.561.20-4.27 10.6710.801.23-4.17 10.2710.761.20-4.75 10.2710.761.20-4.75 10.2710.761.20-4.75 10.7311.061.62-3.01 10.7211.241.04-2.26 10.4710.87-0.23-1.32 8.898.80-1.42-1.81 9.339.25-0.35-4.40 9.339.25-0.35-4.40 9.339.25-0.35-4.40 9.338.94-0.67-4.40 9.9310.28-0.61-3.34 11.0513.07-1.15-0.81 11.9913.91-0.54-1.06 11.6014.34-1.18-0.76 11.6014.34-1.18-0.76 11.6014.34-1.18-0.76 11.7414.45-0.06-0.68 12.3414.12-2.04-1.07 12.6414.14-2.16-2.72 12.9113.45-1.10-3.18 12.1911.95-1.86-2.91 12.1911.95-1.86-2.91 12.1911.95-1.86-2.91 12.5812.39-1.92-3.98 12.7412.84-2.35-3.49 12.8512.84-2.38-3.64 14.4513.44-1.98-4.46 14.6913.84-0.82-3.82 14.6913.84-0.82-3.82 14.6913.84-0.82-3.82 14.5414.18-0.76-2.57 14.5114.83-1.32-3.42 14.8914.40-1.50-4.19 15.1414.40-1.05-3.65 15.6115.04-0.47-4.01 15.6115.04-0.47-4.01 15.6115.04-0.47-4.01 15.3515.320.18-3.24 15.5515.370.56-1.39 15.5816.070.93-1.32 15.7515.851.34-1.02 15.8116.141.52-1.79 15.8116.141.52-1.79 15.8116.141.52-1.79 15.5115.431.67-1.61 14.9615.091.14-1.09 15.6516.031.42-1.08 14.5415.401.270.12 13.9215.400.74-0.84 13.9215.400.74-0.84 13.9215.400.74-0.84 13.3515.830.62-0.87 13.2315.390.19-1.10 10.6911.980.34-1.81 10.0511.89-1.17-2.49 10.8813.10-2.04-2.77 10.8813.10-2.04-2.77 10.8813.10-2.04-2.77 11.5613.93-1.90-1.61 12.0015.19-1.73-1.93 12.0015.19-1.73-1.69 12.0015.14-1.73-0.59 11.7713.87-1.071.20 11.7713.87-1.071.20 11.7713.87-1.071.20 10.9812.65-1.530.23 11.4612.16-0.990.23 11.4612.16-0.990.23 12.2311.91-0.390.23 13.0213.32-0.870.23 13.0213.32-0.870.23 13.0213.32-0.870.23 12.6913.950.07-1.25 12.3712.690.390.70 12.9212.860.200.45 13.0212.860.62-0.50 11.6411.12-0.23-1.54 11.6411.12-0.23-1.54 11.6411.12-0.23-1.54 10.6011.30-0.78-1.54 10.8311.43-0.86-3.34 11.7413.470.46-3.41 11.9913.231.44-3.09 12.9914.362.14-3.40 12.9914.362.14-3.40 12.9914.362.14-3.40 13.4614.362.18-2.26 13.9615.362.60-1.95 14.0916.073.00-0.39 14.6416.693.450.39 14.8016.353.390.32 14.8016.353.390.32 14.8016.353.390.32 13.9914.663.32-0.60 14.5815.713.69-1.98 14.8215.174.21-0.98 16.3315.785.10-0.73 15.0915.195.24-0.58 15.0915.195.24-0.58 15.0915.195.24-0.58 13.7814.324.33-3.22 13.9515.144.56-2.52 15.2615.595.05-2.44 15.1016.026.27-1.85 14.6814.925.87-2.55 14.6814.925.87-2.55 14.6814.925.87-2.55 15.6615.696.49-2.52 15.5415.736.73-2.52 15.2315.416.85-2.11 15.8416.628.01-0.86 14.8716.617.75-1.64 14.8716.617.75-1.64 14.8716.617.75-1.64 14.8716.618.34-1.58 15.6116.898.68-1.34 15.5117.177.69-1.60 15.0016.667.48-2.83 13.3514.678.03-2.58 13.3514.678.03-2.58 13.3514.678.03-2.58 13.3714.107.94-2.58 13.6113.578.10-3.93 14.1713.589.17-4.17 13.2711.788.67-3.89 14.4613.558.68-6.65 14.4613.558.68-6.65 14.4613.558.68-6.65 12.6911.569.84-5.07 10.7610.197.49-6.21 12.1111.428.47-5.99 10.819.448.43-5.27 11.6010.047.93-7.33 11.6010.047.93-7.33 11.6010.047.93-7.33 9.907.076.54-6.97 9.306.264.72-7.56 10.096.785.57-7.50 9.105.305.42-7.57 10.677.546.62-6.91 10.677.546.62-6.91 10.677.546.62-6.91 11.728.237.46-6.05 11.367.078.12-4.92 13.008.238.33-5.15 12.967.997.86-5.15 12.558.087.22-5.34 12.558.087.22-5.34 12.558.087.22-5.34 14.069.997.07-5.51 14.2210.167.79-5.08 13.418.937.03-4.46 13.418.576.56-5.03 11.606.435.74-6.74 11.606.435.74-6.74 11.606.435.74-6.74 12.327.024.14-10.52 12.847.425.26-10.50 14.078.154.73-10.24 9.692.912.04-12.73 4.54-3.24-3.19-15.13 4.54-3.24-3.19-15.13 4.54-3.24-3.19-15.13 3.04-3.46-7.54-21.77 1.45-4.98-5.02-17.06 6.954.06-8.34-20.32 3.740.46-4.95-13.05 5.771.47-5.05-15.62