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Data: Federal Reserve Bank of St. Louis; Chart: Axios Visuals

Inflation is the number one risk for the market, according to a monthly survey of global asset managers commissioned by Bank of America, displacing COVID-19 for the first time since February 2020.

Details: Both inflation (37% of respondents) and the risk of a market taper tantrum (35%) beat out the pandemic as the top risk for investors.

  • COVID-19 and the vaccine rollout dropped from being seen as the biggest risk by nearly 30% of respondents in February to less than 15% in March.

One level deeper: A net 93% of investors in the survey expect inflation to rise in the next 12 months, up 7 percentage points from last month and the highest reading in the history of the survey, which dates back to at least 1995.

  • 53% of fund managers expect above-trend inflation along with above-trend growth over the next year, the first time that has happened since March 2011 and the third time in the history of the survey.

By the numbers: That matches up with sky-rocketing market gauges of inflation expectations that have jumped to yearslong highs in recent days.

  • The 5-year breakeven inflation rate jumped to 2.59% on Tuesday, the highest since July 2008.
  • The 10-year breakeven rate hit 2.30%, the highest since January 2014.

Of note: The survey also found fund managers were incredibly bullish, with 91% of respondents expecting a stronger economy, the highest result on record.

Go deeper

Juneteenth forces U.S. to confront lasting impact of slavery economy

Photo illustration: Sarah Grillo/Axios. Photo: Corbis, Brittany Murray/MediaNews Group/Long Beach Press-Telegram via Getty Images

Juneteenth, a once-obscure commemoration of emancipation of enslaved people in Texas, has transformed into an annual reminder about how slavery robbed Black Americans of generational wealth.

Why it matters: That lack of generational wealth still denies Black families the economic security that many white families take for granted.

Biden to meet with U.S. financial regulators on Monday

Photo: Drew Angerer via Getty Images

President Biden will meet with financial regulators on Monday.

Driving the news: "The meeting will cover regulatory priorities including climate-related financial risk and agency actions to promote financial inclusion and to responsibly increase access to credit," said press secretary Jen Psaki, according to a press pool report.