Investors are the ‘most bullish’ since Nov. 2021 amid rate-cut hopes: BofA survey

(Reuters) — Expectations over interest rate cuts rather than earnings optimism has made investors the “most bullish” since November 2021, Bank of America’s monthly fund manager survey for May showed on Tuesday. The survey of global fund managers with $562 billion in asset under management found 82% expect the first rate cut by the Federal Reserve in the second half, while 78% say a recession is unlikely over the next 12 months. Federal Reserve Chair Jerome Powell. (AP Photo/Susan Walsh) (ASSOCIATED PRESS) The survey showed cash levels fell to a three-year low of 4% from 4.2% the previous month. Stock…