It may be hard to imagine that the bull run's days are numbered with the Dow locking in its 54th record close for the year.
Bessemer Trust's Rebecca Patterson senses a threat: A sudden rise in inflation.
"If inflation ticks up [and] central banks respond, then I think we have a much more volatile picture," the firm's chief investment officer said Tuesday on CNBC's "Futures Now. "
The situation wouldn't be as problematic if growth were to keep up with inflation, she said, but added: "Growth is just kind of holding steady."
In a note to "Futures Now," Patterson wrote: "Credit markets are crowded and vulnerable to sharply rising rates. So too are pockets of the consumer sector. Higher rates and a resulting stronger dollar could also throw EM [emerging markets] assets into a bad place."
For now, Patterson said she's "constructive" on the stock market into 2018. But the picture gets hazier after that.
"I think we're going to get a more risky picture for equities again," Patterson said.