For half a decade, global markets have moved through crisis after crisis with an almost uncanny composure — absorbing inflation, geopolitical rupture, and financial turbulence without surrendering their upward drift. HSBC and Deutsche Bank, in notes released Monday, now ask whether that composure reflects genuine strength or a kind of collective forgetting — a market psychology so conditioned to resilience that it has lost the capacity to price in fragility. The vulnerabilities they name are specific: rising corporate taxes, private-sector debt accumulation, a shifting stock-bond relationship,