Record 90% Of Fund Managers Say Inflation Has Peaked

Global growth expectations might've bottomed this month among fund managers. That's according to the December installment of BofA's Global Fund Manager survey, which showed that although macro sentiment remains very bearish, there are "tentative signs" of a trough. The net percentage of respondents expecting a weaker economy is loitering near record lows, but loitering is better than falling I suppose. The series maps reasonably well with YoY returns on the S&P (figure on the left, below).