Investors have been dumping cash and piling into bonds and equities as conviction grows that big central banks have finished their cycle of interest rate rises, according to a closely watched survey of fund managers.
Bank of America’s monthly poll, published on Tuesday, showed that in November fund managers had the biggest bet on rising bond prices since 2009. Three-quarters of the investors surveyed are now predicting that the Federal Reserve will not lift borrowing costs any further, up from 60 per cent in the previous month.
“The big change in November was?.?.?. the conviction in lower inflation, rates and yields,” wrote Michael Hartnett, investment strategist at Bank of America.
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