Fund manager growth outlook hits all-time low as recession tops risk list - BofA

Fund managers are bracing for a further decline in stocks as "fear of a fast and furious Fed" has global growth optimism to an all-time low, according to the latest BofA survey out Tuesday. The April survey of 329 panelists with $929B in assets under management saw global growth optimism fall to -71%, eclipsing the low of August 2008. That suggests a further decline in net equity allocation, according to BofA, which remains in the sell-the-rally camp (see chart). The January and February stock selloff that saw a correction of about 12% in the S&P 500 (SP500) (NYSEARCA:SPY) and a bear-market decline of nearly 20% in the Nasdaq 100 (NDX) (NASDAQ:QQQ) was the "appetizer not main course of '22," strategist Michael Hartnett wrote. "The disconnect between global growth and equity allocation remains staggering," Hartnett said. "Investors got slightly more bullish on equities. Though still at depressed levels, equities are nowhere