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Data: BofA Global Research; Note: Percentage of investors that cite respective events as fears; Chart: Axios Visuals

Fears of an asset bubble are gaining ground among investors, Bank of America surveys out this week show.

Why it matters: The coronavirus is still the top fear, followed by rising interest rates. But there was the biggest jump among investors that mentioned "asset bubble" as a concern.

By the numbers: 48% of credit investors cited it as a worry this month, compared to the 18% who said so in November (the last time BofA conducted this survey).

  • Inflation saw the second-biggest jump: it's mentioned by 42% of those surveyed, up from 17%.

On the equities side: Fund managers said in a separate BofA survey the COVID-19 vaccine rollout was the biggest market risk. Others include a bond market "tantrum," a Wall Street bubble and inflation.

Go deeper

Big bank bond trading soared in 2020

Data: Analysis of company filings; Chart: Axios Visuals

The pandemic helped to pull big banks’ bond trading revenue out of a multi-year slump.

Why it matters: Revenue within the so-called fixed income, currency and commodity (FICC) divisions has been slowing for years.

Mike Allen, author of AM
4 hours ago - Politics & Policy

Biden adviser Cedric Richmond sees first-term progress on reparations

Illustration: "Axios on HBO"

White House senior adviser Cedric Richmond told "Axios on HBO" that it's "doable" for President Biden to make first-term progress on breaking down barriers for people of color, while Congress studies reparations for slavery.

Why it matters: Biden said on the campaign trail that he supports creation of a commission to study and develop proposals for reparations — direct payments for African-Americans.

Cyber CEO: Next war will hit regular Americans online

Any future real-world conflict between the United States and an adversary like China or Russia will have direct impacts on regular Americans because of the risk of cyber attack, Kevin Mandia, CEO of cybersecurity company FireEye, tells "Axios on HBO."

What they're saying: "The next conflict where the gloves come off in cyber, the American citizen will be dragged into it, whether they want to be or not. Period."