The Globe and Mail reports in its Thursday edition that this week's release of Bank of America's monthly global fund manager survey found the investor mood remains remarkably bullish over all. A Reuters dispatch to The Globe says, however, there were some signs of a scattering of the herd. Investors still see the world's two most crowded trades as "long global semiconductors" and "short Treasuries." But although the consensus was that 10-year Treasury yields had further to climb before peaking, on average another 65 basis points higher, the poll breakdown showed that a sizeable portion had already jumped back and thought "peak yields" were not worth the wait. While more than a third of respondents thought the time to switch from equities to bonds wouldn't come until the 10-year hit 6 per cent, almost a fifth felt we had already reached a tipping point. If the most crowded trades unwind between now and year-end, there could be a scramble to lock in prevailing long-term yields before they disappear. That would be a dangerous moment for financial stability, given how much is riding on the artificial-intelligence bet. But even a small jolt could be a big relief for governments looking for wiggle room in stressed budgets.