Step aside FAANGs: there is a new "most crowded trade" on Wall Street. As part of this month's Fund Managers Survey, which as we summarized earlier, was about the gloomiest since the financial crisis with more than half, or 53% of survey respondents now expecting growth to weaken over the next 12 months, the worst outlook on the global economy since Oct. 2008... ... the same Wall Street pros no longer see "Long FAANG+BAT" as the most crowded trade on Wall Street, and for good reason: after a dramatic drop in the tech leaders in the past 2 months, most hedge funds, who were massively long a handful of "growth" tech names - recall MSFT, AMZN, FB GOOGL and BABA were the 5 most popular hedge fund holdings as of Sept 30 - had gotten crushed and fled these names in bulk. So what is the new most crowded trade? According to the Fund Manager Survey, after a 19 month hiatus, being Long the US Dollar is once again seen by professional investors as the most popular trade... ... and for good reason: it very well might be because as the following Goldman chart shows, long USD positions are just shy off their highest level since January 2016 even as market expressed growing concerns about the slowing US economy. Speculative USD positioning against currencies in the CFTC CoT report, in $ bn Which is not to say that investors have fully given up on tech: as the last chart shows, while Long USD is once again the most crowded traded (according to 25% of respondents), Long FAANG+BAT is in second place with 20% of the vote, closely followed by short EM with 19%. While it is obvious, the fact that the USD is considered a top trade at a time when the US economy is slowing and the Fed may be set to pause or end hiking just as the ECB is poised to tighten, suggests that investor fears about a global slowdown dominate regional concerns, as traders will only flood into the USD under conditions that demand a global "flight to safety" rather than a relative outperforming currency, which all else equal, would be the euro. And since it isn't, it once again confirms that investors have truly never been more bearish on both the US and global economy, and are anticipating a period of far higher volatility and scramble out of risk assets as the 10 year central bank bubble is finally unwound.