Don’t Fear The August Derisking, One Bank Says

The August vintage of BofA's closely-watched Global Fund Manager Survey suggested stewards of capital were the least bearish early this month since the onset of Fed hikes. To the extent fund managers came into August bullish, their enthusiasm was relative and begrudging. Cash allocations, although well below the highs, by no means suggest investors are all-in on the stock rally, and although the share of professional investors expecting a recession over the next 18 months may be dwindling, rece