What's the market underestimating?

The profitable question is never "what will happen" but "what is priced too cheaply". Underestimated risks and underappreciated trends are where the money is.

Post your candidate:

• the risk or trend being underpriced
• why the market is missing it
• how it would show up in currencies

Reasoning and humility, please — the market is wrong less often than we are.