BofA Fund Manager Survey notes cash levels have jumped to 4.3% in March (prev. 3.4%), the largest rise since the pandemic

• Global growth optimism slips to 7% (prev. 39%)
• Inflation concerns jump to net 45% of investors expecting a rise in global CPI (from 9%)
• BofA says global investors turn bearish as Iran and private credit concerns end frothy bull sentiment

The BofA Fund Manager Survey indicates a significant rise in cash levels among investors, suggesting a shift towards caution and risk aversion, with cash allocations reaching their highest since the pandemic. This increase in cash reflects waning global growth optimism and heightened inflation concerns, impacting investment strategies and potentially influencing market sentiment across equities and commodities.