The vast majority of fund managers are still sanguine on inflation, while they believe commodities has become the most crowded trade, according to BofA Data Analytics' latest survey.Among respondents in the June survey, 72% say inflation is transitory, the case being made by the FOMC, while 23% say that the rise in prices in permanent.While a net 75% still expect a stronger economy, that's down 9 percentage points month over month.Five "episodes of 'peak FMS optimism' since 1994 were followed by 75bps drop in 10-year Treasury yield, but Fed policy stance is very different today, thus FMS shows #1 tail risk for investors is inflation (30%) tied with taper tantrum (30%)," BofA strategists led by Michael Hartnett write in a note.The contrarian trade among those surveyed is growth is transitory and inflation is permanent.Commodities gets crowded. Long commodities is now the most crowded trade, respondents say, overtaking long Bitcoin from
