OPINION: Fund managers haven’t felt this bearish since the financial crisis, setting the scene for markets to rally. But there’s good reason to be wary.
, chief strategist at Bank of America, is the master at summing up the mood of the market in a memorable way. With the title of BofA’s latest monthly fund manager survey, he’s done it again: “I’m so bearish, I’m bullish.”
And with the caveat that it’s always tough to predict the big shock that roils markets, it is pretty hard to see where a Lehman-like moment comes from just at the minute.or some sort of dramatic deterioration in the war in Ukraine would be this columnist’s best guess, but this feels more like a stock-standard bear market caused by rising interest rates.
With US inflation sitting at a 41-year high 9.1 per cent, Fed chairman Jerome Powell needs to keep rolling out rate increases for the rest of the year, even as the US economy slows.
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