Some results of the latest Bank of America fund manager survey::

  • 74% see "soft or no landing"
  • 75% say "short-term rates to fall"
  • 0% expect stronger China growth in the next 12 months
  • Japan at biggest overweight since Dec'18)
  • 55% say US tech is the most crowded trade
  • First overweight in US equities since Aug 2022
  • 60% think the Fed is done hiking, up from 47% in August
  • 33% see Chinese real estate as the source of a systemic credit event


fund survey 1

Chart 2:

survey 2

There's still a long way to go to get to frothy.