Per Bloomberg:

The US dollar’s recent rally is creating an “untenable situation” for risk assets including stocks, and in the past this kind of dollar strength has led to some kind of financial or economic crisis, according to one of Wall Street’s most vocal bears.

“While hard to predict such ‘events,’ the conditions are in place for one,” Morgan Stanley’s chief US equity strategist Michael Wilson wrote in a note, referencing the 2008 global financial crisis, the 2012 sovereign debt crisis and the end of the tech-stock bubble in 2000. The US Dollar Index has risen 19% this year, while US stocks have plunged 23%.

“What’s amazing is that this dollar strength is happening even as other major central banks are also tightening monetary policy at a historically hawkish pace,” Morgan Stanley’s Wilson wrote. “If there was ever a time to be on the lookout for something to break, this would be it.”