When the now eight-year-old bull market meets its demise, the most likely culprit will be higher interest rates, say a preponderance of global fund managers. And when it comes to long-term rates, they have a level in mind, MarketWatch reports.

The Bank of America Merrill Lynch global fund manager survey for March, released Tuesday, showed that 36% of respondents expect higher rates to be the most likely catalyst to end the bull market. As fears of a rate-induced end to the bull rose, the proportion of investors citing “protectionist policies” as the biggest threat slumped from the top slot in February to 21% in March.