BofA Macro Traders Avoid Large Bets After Volatile Market Swings

The notable signal here is behavioral: a major dealer's macro desk choosing restraint into year-end rather than expressing conviction, which itself tells you something about how unreliable the current volatility regime looks to the people closest to it. The pain is concentrated in European rates and Brazil, so funds with exposure there are the ones most likely to be trimming rather than adding. Credit spreads are the metric flagged, and whether they keep widening as a risk-off tell — or stabilize — is the open question worth watching.