The survey is a barometer of the sentiment of 292 investment professionals across firms with a combined AUM of $833 billion.
Hartnett says the gap between global growth and equity allocation remains “staggering”, indicating that the bank’s strategists do not agree with the strategic ‘buy’ signal and are firmly in the ‘rally sell’ camp.
As central bankers in Canada plan to make their interest rate decisions on Wednesday, fund managers expect the Fed to hike seven rates before the end of 2022.
Geopolitics is seen as the biggest risk to financial market stability, followed by monetary risk and business cycle risk.
Fund managers’ responses showed they were overweight cash, commodities and healthcare and energy stocks in March, while 7 out of 10 were underweight bonds.