Professional investors are turning more bearish again amid the current macro backdrop, according to this closely watched Wall Street survey.
Professional investors are turning more bearish again amid the current macro backdrop, according to a closely watched Wall Street survey from Bank of America. The bank's Global Fund Manager survey showed investors have upped their cash levels and are maintaining a pessimistic outlook on growth and the economy. Specifically, strategist Michael Hartnett said the cash allocation among those surveyed increased to 5.3% from 4.9%, while staying neutral on stocks.
A soft landing remains the consensus expectation at 59%, but nearly a third of respondents are anticipation a hard landing, up from 21% in September. "1 out of 4 investors expect that there will be no recession in the next 18 months," Hartnett said. "That said, the share of investors expecting a recession in H1'24 is rising…44% expect the global economy to fall into recession in Q1'24 or Q2'24 .
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