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BofA Survey Signals Cyclical Boom Behind 2021 Rally Has Peaked
Global investors who have been optimistic about the economic recovery for most of this year are now scaling back their expectations, signaling that the cyclical boom behind this year’s rally is running out of steam. This is the takeaway from the Bank of America Corp.’s monthly fund manager survey in the week through July 8. Participants with $742 billion under management slashed their outlook for global growth and corporate profits, while predictions of a steeper yield curve fell to a two-year low. The change in preferences reflected the souring mood on the pace of economic recovery as BofA said market players ... (full story)