Despite many equities nearing annual lows, the VIX is also unusually low. Last spike was the regional bank crises, which vapourized almost as quickly as it appeared.
Now, we have an additional war to add to the risk of global concerns, oil hovering around $90, Powell today signalling that inflation is still too high and more work needs to be done which still leaves the door open for more rate hikes. The 10 year continuing to steam towards 5% is proof of that as the market factors in higher rates to come. This pressures equities, especially those that stopped paying (like these splits) as demand for lower risk prefs, money market, GICs suck money away.
Inflation will eventually reverse but not until more people lose their job and for companies to hold the line on pay raises and bonuses. We need the balance of power to shift back to the employer. If everyone gets pay raises like GM workers there is no chance of inflation ever easing.