After the second largest bank failure in U.S. history, the attention of U.S. stock investors began to shift from high inflation to systemic credit risk events.

That's the finding of Bank of America's latest fund manager survey. For the first time since early 2022, the survey showed that concerns about high inflation and a hawkish central bank were not now the top "tail risks" for respondents. Instead, they are most worried about a series of banking crises triggered by Silicon Valley Bank (SVB).

The BofA survey was conducted between March 10 and March 16 among 244 fund managers, who together managed $621 billion assets.