According to ChainCatcher, citing Golden Ten Data, Bank of America strategists stated that further pressure on the credit market could trigger a new round of broad-based sell-offs in the stock market, as long-term investors, including pension funds, would be forced to sell assets. Savita Subramanian of BofA Securities noted that if volatility in the private credit market persists, institutions such as pension funds may be compelled to sell index funds to avoid valuation adjustments of private assets. She pointed out that passive investing dominates the S&P 500 index, so a market downturn would force index funds to further sell off.