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Investor sentiment drops to lowest since the 2008 financial crisis as inflation nears 40-year highs: BofA
The heads of America’s largest pension and mutual funds are reporting higher pessimism levels than during the 2008 financial crisis. Managers fear the effect of the federal reserve’s looming interest hikes on equity values as it battles the highest inflation for forty years.
The monthly BofA survey canvasses more than 300 chief information officers and portfolio managers at some of the country’s largest investment houses. Conducted from July 8-15, it found that pessimism is higher today than during either the financial crisis or the early stages of the COVID-19 pandemic in March 2020 when governments shut down economies to control the spread of the disease.
Fund managers also report they are taking fewer risks with investors’ capital. Growing fears of a recession are forcing a switch from growth to value, taking some of the air out of tech stocks.
The survey comes on the back of a recent Labor Department report showing that consumer prices had risen by more than 9.1 percent since June last year, exceeding market expectations. The figure marked the highest inflation rate since December 1981 and suggested that prices may take some time yet to go down.
Despite this, investors are allocating more portfolio space to cash. It now stands at 6 percent, the highest reading since 2001.
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The post Investor sentiment drops to lowest since the 2008 financial crisis as inflation nears 40-year highs: BofA appeared first on First Patriot News.
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