Global growth expectations fell precipitously from January, before
intensified, as 48% of respondents see the economy getting stronger while 29% expect it to weaken. That 19% difference is about half of what it was in January as expectations for China fell to a negative 53% from positive 50%.The Wall Street pros still see stocks rising, though they've repositioned their portfolios dramatically.
On net, respondents expect the S&P 500 to peak at 3,470 this year, a modest 2.7% uptick from Friday's close. However, that target is sharply higher from the 3,019 prediction as recently as June and is in fact the highest level since BofA started asking the question in June 2018.Federal Reserve will continue to keep interest rates low
. BofA noted that sentiment overall dipped in February but the firm remains "irrationally bullish" on the market due to a "full capitulation into [a] QE-forever theme," a reference to central banks' continuing to pump money into financial markets.Fund managers have pushed their allocation to growth stocks to the highest level since July 2008 as they have moved to a "deeply underweight" position in value. They also moved to their highest overweight to U.S.
No accident Tim Cook releases these numbers on a holiday so the cavalry can come to the rescue. Apple. 2nd Biggest economy in the world is not buying iphones. Apple is heading to $225. Apple TV Plus Joke