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Of Equity Bears, Bond Bulls, Tail Risks And Policy Impotence
"The tactical pain trade is higher yields and higher stocks", BofA's Michael Hartnett wrote, in the June edition of his popular Global Fund Manager survey, which grabbed all manner of headlines on Tuesday thanks in no small part to what it tipped about rampant bearishness among respondents.
Global growth expectations plunged the most MoM since 1994, rate expectations collapsed and cash allocations surged, as trade war fears heightened late cycle concerns.
The notables from the June survey are
