George Lagaria, Chief Economist of Forvis Mazars Financial Planning UK, identifies three key risks for stock and bond markets. First, the potential instability in the Fed after Jerome Powell's stay as "shadowy" president, limiting the power of new president Kevin Wars. Secondly, the risk of overinvestment in Artificial Intelligence, with cancellations and delays in data centers. Thirdly, a possible bond crisis focusing on France and the United Kingdom. Lagaria warns that Europe is more exposed to stagnation, while markets are now moving from expectations of permanent inflation and retail investors.