- Investor sentiment remains bearish in August
- But no longer "apocalyptically bearish" on hopes inflation, rates shocks may end in coming quarters
- Long USD remains the most crowded trade
- Uninvested cash levels drop to 5.7% from 6.1% in July, but "still very high"
Some findings from the latest BofA global fund manager survey for August. Interestingly, most respondents noted that current sentiment is still too bearish for an immediate reversal and that they remain "patient bears". Besides that, the fact that investors are still staying long the dollar is a testament to overall market sentiment as recession risks are heightened and the Fed pivot is a no go just yet.
