Unambiguously Bullish, But…

Unambiguously Bullish, But…

Investors are "unambiguously bullish," reads the first line of the color accompanying the May vintage of BofA's closely-watched Global Fund Manager survey. And yet, the "first signs" of what the bank's Michael Hartnett described as "peak macro" may be emerging. For example, a net 84% of respondents expect a stronger economy, very high to be sure, but down from 90% (figure below).  Similarly, a net 78% of FMS investors expect an improvement in global profits, close to a record, but off last mo
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