Investors are banking on the Fed to save stocks and the economy, according to Wall Street survey

With a soft inflation report boosting markets Tuesday , a new survey reveals investors are betting big time that the Federal Reserve will embark on a series of interest rate cuts that revive the economy and rekindle the market rally that took a hit to start August. Ninety-three percent of the fund managers in the survey are expecting lower short-term rates in the next 12 months, marking the highest percentage in the past 24 years, BofA said.

The stock market quickly recouped most of the losses in the following days, and another inflation report Wednesday could determine if the gains continue. The futures markets have fully priced in a rate cut at the Fed's September meeting, but it's a toss-up as to whether it will be a quarter-point cut or a half percentage point. .SPX YTD mountain S & P 500 Only 31% of fund managers are overweight stocks now, down from 51% in July, the survey showed.

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