Overview

• The Bank of America Fund Manager Survey shows sentiment at its fifth lowest point on record, worse than during the 2020 pandemic crash.
• Nearly half of fund managers predict a 'hard landing' for the global economy, with growth expectations at a 30-year low.
• Ninety percent of surveyed investors anticipate stagflation—rising prices paired with slowing growth—within the next 12 months.
• U.S. equity underweights reached their highest level since the survey began in 2001, reflecting a sharp decline in investor confidence.
• The WTO downgraded its global trade forecast from growth to decline, while S&P analysts warn of a 700,000-unit drop in U.S. auto sales due to tariffs.