When it rains it pours.

Market pullbacks are both more common than people perceive them to be and frequently less ominous. This latest one, though, really might be a reason to worry. It threatens to expose the rally in risk assets since Christmas Eve as a dead-cat bounce. A lot is going wrong all at once.

The Nasdaq Composite recovered by an astounding 32% from Christmas through late April and the Cboe Volatility Index retreated from a panicky 36 to a complacent 12 over the same period.

Much of the turnaround has been chalked up to a dovish turn by the Federal Reserve. However, the problems facing the 10-year-old bull market, which came within a whisker of ending back in December, are now the types of things even central bankers can’t fix.

Trade frictions have ebbed and flowed for months, but investors have generally assumed that policy makers will avoid an outright trade war. The latest acrimonious language from both sides suggests that cooler heads may not prevail after all—at least not before serious economic damage is done. What is more, the inflationary effects of tariffs make it harder for the Fed to react quickly by easing until there is a clear threat to employment.