Investors think a systemic credit event has replaced high inflation as the number one risk to the stock market

• Investors say the biggest risk facing the stock market is no longer inflation, but a systemic credit event.
• The shift in Bank of America's Fund Manager Survey comes after the collapse of Silicon Valley Bank.
• "Investor sentiment close to levels of pessimism seen at lows of past 20 years," BofA said.

All it took was the second largest bank failure in US history to shift investors' focus away from elevated inflation and towards a systemic credit event.