Summary:
The Bank of America survey, which polled 200 respondents with a combined $517 billion in assets under management, was conducted between May 8 and May 14.
A net 50% of fund managers surveyed said they were overweight equities compared to 13% the previous month. Average cash levels are 3.9%, down from 4.3%.
Just 4% said they saw a "hard landing", where economic growth and job creation suddenly contract, compared with 39%, who said they saw "no landing" at all.
66% of respondents said they expected the Strait of Hormuz bottleneck to end in the next few months.
40% of respondents said a second wave of inflation was the biggest tail risk right now.
62% of respondents said they targeted a rate of 6% on 30-year Treasury yields , which are currently around 5.14%. 20% said they targeted a rate of 4%.
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