Should stock market investors lose money next year, they will not be able to say they were not warned by the world’s main central banks. First, Federal Reserve Chair Jerome Powell has been warning that bringing down inflation might require a prolonged period of high interest rates and below trend economic growth. Now, both the Fed and the European Central Bank are warning of heightened risks to the world financial system. Indeed, in the words of the Fed’s recent Financial Stability Report, “the rapid synchronous global monetary policy tightening, along with surging inflation, the ongoing war in Ukraine and other...