"A credit crunch is the big concern. Risks in the banking sector may be contained due to the Federal Reserve's efforts. The emerging risk is that credit availability declines. There is a toss up as to whether the Fed hikes 25 basis points or pauses. I think a pause is more prudent. If there is a rate hike, it is probably the last one of the cycle," says Kathy Jones. "I don't believe this is a repeat of the 2008 global financial crisis. European banks have near peak profitability and capital ratios. Uncertainty remains high, keeping volatility elevated," adds Michelle Gibley.