What are the biggest risks in 2022? Institutional Survey results.

During December 6th-9th 2021, Deutsche Bank has conducted the institutional 2022 global market survey, where 750 professional institutional investors from all over the world have participated. The following question was asked: Which poses the most significant risks to the current relative market stability? Select up to three. Pls see the chart with results below.
Higher than expected inflation was the highest risk in each region except Asia, where 61% of respondents instead chose Geopolitics. Europeans were also more likely to flag Geopolitics as a risk than American counterparts, while Americans were more worried about domestic politics than the rest of the world.
In our view, an aggressive Fed tightening cycle is the biggest risk for 2022, with higher than expected inflation being the most significant risk for 2023.