What are the risks in 2022?

The economists' survey showed that inflation was the biggest risk and concern while the covid pandemic was the lowest risk.

Thus, the traders are projecting at least 4 FED rate hikes for 2022, starting in March.

Consequently, the ECB will expire its PEPP (pandemic emergency program) in March 2022 and start to taper its APP in July 2022.

In a nutshell, the US and EU will be doing quantitative tapering while China will be conducting quantitative easing in 2022.