Risk aversion up but market sentiment not rock bottom

The survey, conducted from March 10 to March 16, saw BofA's Financial Market Stability Risks Indicator climb to 7.7, the highest since November 2022 and the largest month-over-month increase since this time last year in the aftermath of Russia's invasion of Ukraine.

Perception of credit default risk surged 30 percentage points month-over-month to net 75 per cent above normal, the highest since October 2022. The survey comes after US Treasury Secretary Janet Yellen spoke to the American Bankers Association on Tuesday as part of the government's effort to maintain confidence in the system.

"Similar actions could be warranted if smaller institutions suffered deposit runs that pose the risk of contagion," she said.

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