Who says they don’t ring a bell at the top? From Tyler Durden at zerohedge.com:
Just a few months after a record number of survey respondents said that the US is late cycle, a recession is imminent, and generally were “the most bearish since the financial crisis”, the latest just released Fund Manager Survey from Bank of America has confirmed that nothing is ever quite as wrong as consensus. The reason: in the past two months optimism across Wall Street professionals has exploded, and FMS investors have now fully reversed the bearish bent, pricing out recession risks as global growth expectations jumped a record 66% – an unprecedented reversal from the -50% in June – and recession fears plummeted 33%, in what BofA said was “a dramatic turnaround from the Most Bearish FMS since the GFC in June 2019.”
And to think all it took was a $350BN expansion in the Fed’s balance sheet – with another $500 billion on deck – to force a dramatic U-turn in “professional” opinions about the future.
