A monthly survey by BoFA Securities showed that confidence among fund managers over global growth in the coming months has hit an all-time low. Conducted between April 1 and April 7, the survey showed a net 71% of respondents were pessimistic about prospects, the most since the survey began in the early 1990s. Respondents expect the US Federal Reserve to raise interest rates by as many as seven times in the current cycle, compared with four times in the previous edition, with a majority of investors expecting inflation to soften over the next 12 months. The survey also found that fund managers' holdings of cash eased to 5.5% in April from 5.9% in the previous month. BoFA said global profit expectations also deteriorated to their weakest levels since March 2020.
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