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Fundies are all happy clappy again, which is how I like them. BofA has more.
Bottom line: least bearish FMS since Feb’22; cash drops from 5.3% to 4.8% (21-month low), 3 out of 4 expect soft/no landing, smallest equity UW since Apr’22, largest tech OW since Dec’21; bear positioning strongtail wind for risk assets in H1…not the case in H2.
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On Macro& Policy: global growth expectations up to net-45%, 4/10 say recession“unlikely” (was 1/10 Nov’22), EPS optimism highest since Feb’22; US fiscal policy as stimulative today as at Covid peak (Dec’21) yet expectations for lower rates now highest since Nov’08.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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