Fund managers 'most upbeat' since January 2022 but growth expectations remain pessimistic

BofA Global Fund Manager survey

Fund managers have shared the “most upbeat” sentiment since January 2022, according to the latest Bank of America Global Fund Manager survey.

The bank found sentiment improved to its "least bearish level" in nearly two years in December, from 2.5 to 3.4, while cash levels have continued to drop this month, down from 4.7% in November to 4.5%, and 5.3% in October. Yet growth expectations among fund managers remained pessimistic, although had improved in the December survey from a net 57% to 50% expecting a weaker economy. In terms of economic outlook, most managers (66%) forecast a soft landing for the global economy, while 23% expected a hard landing. UK inflation falls further than expected in November to 3.9% When as...