The Market Has A New ‘Top Tail Risk’ (And The Same ‘Most Crowded Trade’)

The Market Has A New ‘Top Tail Risk’ (And The Same ‘Most Crowded Trade’)

Guess what? According to the latest Global Fund Manager survey from BofAML, investors have a new "top tail risk". No longer is Trump's trade war the most pressing concern when it comes to things that might come out of left field and derail the market. Rather, "the threat of a hawkish Fed/ECB policy mistake" takes the top spot in May for the first time since December: Here's the breakdown: There are a number of interesting things here. First, the fact that a hawkish policy mistake is now b
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