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