Taper tantrum remains the top tail risk for the market
Some interesting tidbits from the latest BofA survey:
- 72% of managers believe that inflation is a temporary phenomenon
- 63% of managers believe that the Fed may begin to wind down QE in Aug/Sept
- Long commodities overtook Bitcoin as 'most crowded trade'
- 81% of investors still believe cryptocurrency is in "bubble" territory
I reckon the key question is how long exactly is transitory transitory?
