If the current losses in stocks and bonds hold, 2022 will become the largest wealth destruction for investors in equity and fixed-income markets since the bond index became available in 1976. Bonds have so far failed in their usual role as a portfolio diversifier. In fact, the correlation between bonds and stocks turned to zero over the past year. They may return to the positive correlation that prevailed in the 1990s, until the Fed succeeds in putting the inflation genie back into the bottle.