Market Extra: Survey sees bear market for stocks if 10-year Treasury yield hits this level

When the now eight-year-old bull market meets its demise, the most likely culprit will be higher interest rates, say a preponderance of global fund managers. And when it comes to long-term rates, they have a level in mind.

The Bank of America Merrill Lynch global fund manager survey for March, released Tuesday, showed that 36% of respondents expect higher rates to be the most likely catalyst to end the bull market. As fears of a rate-induced end to the bull rose, the proportion of investors citing“protectionist policies” as the biggest threat slumped from the top slot in February to 21% in March (see chart below).

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