The Biden administration has an issue (well that's probably the understatement of the year).

Despite increasingly authoritarian efforts to mandate (and enforce) a jab in every Americans' arm (whether young and 'safe' or merely naturally immune), more than half of professional investors surveyed by Deutsche Bank see "new variants bypassing COVID vaccines" as the biggest risk to current market stability.

Which of the following do you think pose the biggest risks to the current relative market stability?

(Click on image to enlarge)

Interestingly, "waning vaccine efficacy" appears as a risk factor for the first time, with 78% of professional investors now believing that vaccine efficacy will fall materially...

Based on the current global evidence, which of the following paths do you think vaccine efficacy (pre-boosters) is likely to follow over the next 6 months?

(Click on image to enlarge)

While COVID remains top-of-mind, anything-but-transitory-inflationary fears have re-emerged as a big risk factor.

The Fed currently believes the recent increases in inflation are largely transitory. Which of the following statements most accurately reflects your view?

(Click on image to enlarge)

While most respondents still view inflation as transitory, there is a growing minority that views it as permanent.

Deutsche's sentiment survey was conducted from September 07-09, covering over 550 market professionals across the world.

Deutsche Bank strategists Jim Reid and Karthik Nagalingam find that a shocking 68% of professional investors see a 5% or greater correction by year-end...

In your opinion, do you think there will be an equity correction before year-end?

As a reminder, the S&P 500 has not seen a 5% drawdown since October 2020...

(Click on image to enlarge)

Even more specifically, a net of just 14% see the S&P 500 higher in 3 months - the second-lowest reading in a year...

(Click on image to enlarge)

It appears that professional investors have all read the bearish Wall Street notes... and agree.