BofA Survey: Risk Appetite Cools as Investors Flag Disorderly Bond Yield Rise

The notable tension here is that positioning is cooling without becoming defensive: overweight equities fell and cash rose, yet cash remains low enough to keep a contrarian sell signal in play. That suggests the survey captures unease rather than de-risking, leaving crowded risk exposure intact. Disorderly bond yields now rank as the top tail risk, so the transmission channel to watch is whether a further yield move forces the positioning unwind that sentiment alone has not produced.