The survey showed a „dire level of investor pessimism“, which surpassed the lows seen during the COVID-19 pandemic and the 2008 global financial crisis. Of note, expectations of global growth and corporate profits have plunged to a record low.

Meanwhile, investors raised their cash holdings to more than 6% – the highest since October 2001. Adding to that, recession fears have ramped up to levels last seen since May 2020 while BofA’s infamous investor sentiment remains at ‚maximum bearishness‘.

This article was written by Justin Low at www.forexlive.com.