COVID no longer biggest risk, but stocks could correct with 10-year at 2% - BofA survey

Inflation and a bond market taper tantrum have replaced COVID-19 as the biggest tail risk to portfolios, according to BofA Data Analytics' latest survey of fund managers.It's the first time COVID hasn't been the biggest concern since February 2020.Concern about COVID is followed by a Wall Street bubble, higher taxes and greater regulation in BofA's March survey of 220 panelists with $630B in assets under management.Inflation is the biggest worry as Treasury yields climb. And now 43% of investors think a 10-year yield of 2% will result in a 10% equity correction.On average, those surveyed felt 2.5% on the 10-year would be the level where bonds are more attractive relative to stocks.Bond ETFs: (TBT) +0.4%, (TLT) -0.3%, (TIP)+0.2%, (IEF) +0.1%, (BND), (VGLT) -0.3%, (IEI) +0.1%(SPY) +0.2%, (QQQ) +1.5%, (DIA) -0.3%If the 10-year rises to 2%, a contrarian trade favored by respondents is long Utilities (XLU) and short Industrials (XLI).Long cash, short commodities is also a popular contrarian trade.The