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"(We) are increasingly convinced that tariff risks have not been appropriately discounted in financial asset prices," chief market strategist Karl Schamotta wrote over the weekend. "Stock markets look too high, foreign exchange trading ranges too narrow, and measures of background volatility too low, given the material threat that looms over the world economy." His caution echoes the like of JPMorgan Chase CEO Jamie Dimon, who warned last week about "complacency in the market."