Investors continue to see a decline in global growth expectations, while profit expectations have plummeted on a month-over-month basis in Bank of America's September Global Fund Manager Survey.
Of the 258 fund managers overseeing a total of $839 billion in assets surveyed, expectations of improving global growth dropped to a net 13% in September, down 14 percentage points from August and down from a peak of 91% in March.
Expectations that profits will improve plummeted to a net 12% among survey respondents, down 29 percentage points from August and down from the 89% peak in March.
Fund managers also indicated that "peak inflation" has been reached, with those expecting higher inflation in the next 12 months dropping to a net -1% in September, down from a net 4% in August and a peak of 93% in April.