(Bloomberg) -- Aggressive monetary tightening by central banks is the biggest tail risk for markets, according to this month’s Bank of America Corp. survey among global fund managers. Meanwhile, only 6% of the 329 participants surveyed between Jan. 7 and 13 see a resurgence of the pandemic as the greatest risk. The results mirror a significant rotation in global equity markets, with investors shifting their allocations to cheaper value and cyclical stocks that benefit from higher rates, such as banks, while dumping more expensive sectors, such as technology. 

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