Fund managers surveyed by Bank of America are increasingly pessimistic about the U.S. economy following the collapse of several banks earlier this spring.
BlackRock global fixed income CIO Rick Rieder discusses his firm's note on the Fed continuing to tighten and where he's investing in the bond market on 'The Claman Countdown.'
Fund managers' optimism has tumbled 28 percentage points since February, the largest two-month decline since last April – shortly after Russia invaded Ukraine. About two-thirds of investors – roughly 65% – are bracing for a weaker economy over the next year, the highest since December. About 33% of participants in the survey identified the bank credit crunch and a global recession as the top risk to markets. That compares to about 29% who highlighted sticky inflation that keeps central banks on a hawkish trajectory as the biggest threat.
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