Fund managers fear a ‘systemic credit event’ as the biggest threat to markets
Fund managers fear that a systemic credit crunch is the biggest tail risk this month, Bank of America strategists have said following data from their latest poll.
The... Fund managers fear that a systemic credit crunch is the biggest tail risk this month, Bank of America strategists have said following data from their latest poll. The most likely sources of a credit event, participants say, are U.S. shadow banking, U.S. corporate debt and developed-market real estate.
Regarding interest rates, investors see an additional 75 basis points of Federal Reserve rate hikes in this cycle with rates peaking at 5.25%-5.5%. Almost a quarter expect the European Central Bank to lift its deposit rate by an additional 50 basis points. Almost two thirds say the Fed will not raise its 2% inflation target over the next 2 years. And nearly six in 10 investors expect lower short-term rates in the next 12 months.
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