Professional investors are turning more bearish again amid the current macro backdrop, according to a closely watched Wall Street survey from Bank of America.
The bank's Global Fund Manager survey showed investors have upped their cash levels and are maintaining a pessimistic outlook on growth and the economy.
Specifically, strategist Michael Hartnett said the cash allocation among those surveyed increased to 5.3% from 4.9%, while staying neutral on stocks.
"1 out of 4 [fund manager survey] investors expect that there will be no recession in the next 18 months," Hartnett said.
A record number of respondents also indicated that monetary policy remains too tight, while fiscal policy is too easy.
Persons:
Michael Hartnett, Hartnett, —, — CNBC's Michael Bloom
Organizations:
Bank of America, Global, Reserve