Current economic conditions meaning either high inflation, high interest rates, or both, after years of artificially low interest rates and massive unprecedented expansion of the money supply.
Both inflation & interest rate rises lower the value of all existing bonds, including US govt debt. This increases borrowing costs for the govt going forward as bonds roll over, which puts significant pressure on an already pretty fucked federal budget deficit situation.
And, it decreases the portfolio values of all asset holders, including banks, which means potential bank runs on smaller banks (depends what the fed does, ie could increase FDIC limit). These factors will also greatly reduce available credit, which affects everyone.
Some of these things I think are good, like correcting to reasonable interest rates from the artificial low and the negative feedback of the inflation bill coming due for QE. Many others are bad.
It's really tough to know where to keep your money right now. I'm leaving my portfolio in a mix of index funds and BTC. I don't have a strong opinion on what good bets are right now, nor the time & energy to actively research or actively manage a portfolio.
I have a moderately weak opinion that equity prices will do OK. Equities suffer from higher interest rates, since bonds become relatively more attractive, but they are both inflation-proof & currency diversified. So even if USD significantly depreciates, on average the companies in a broad index fund earn the majority of their income in other countries.
So I don't think we'll see anything like a great depression-level decline in the stock market. It may be moderately bad and I can imagine a world where I researched a lot more decided to move out of equities, but I don't think it will be terrible.