The one-two punch of rising interest rates and higher taxes will make it harder for the bull market to maintain its traction, JPMorgan strategists said Friday.

The stock market suffered an intraday swoon on Thursday on reports that President Joe Biden was planning to hike the capital gains tax on the wealthiest Americans. The tax hike would be part of Biden’s larger push for infrastructure and social welfare spending and comes along with a proposed corporate tax hike.

Interest rates have also risen this year, though the move has cooled in recent weeks. JPMorgan’s equity strategist Dubravko Lakos-Bujas said in a note to clients that yields should move higher again and put short-term pressure on the market, with the potential tax hikes looming as a longer-term risk.