The risk of a global recession is at its highest since August 2009, according to the new Bank of America Merrill Lynch Fund Manager Survey for September. Some 38 percent of investors polled expect a recession over the next year. That figure was 34 percent in its August survey, which had been the highest response since October 2011.
But the same survey showed fund managers are buying America more than they have in over a year. Allocation to U.S. equities soared 15 percentage points to a net 17 percent overweight, the biggest monthly increase since June 2018.
On top of that, the Federal Reserve said yesterday that manufacturing production rose 0.6 percent last month, following on the heels of a drop of 0.4 percent in July. Manufacturing accounts for about 11 percent of the U.S. economy,
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