NEW YORK, Aug 7 — The economic boost from an expected US$1 trillion infrastructure bill working its way through the US Senate has helped push Wall Street stocks near record levels, but some investors are concerned that the next two months in Washington could be rocky.
“When I look at Washington I see a lot of risk,” said Steve Chiavarone, a portfolio manager and equity strategist at Federated Hermes. Overall, global fund managers increased their cash positions in July from 3.9 per cent to 4.1 per cent of assets while adding to shares of large technology companies, according to Bank of America Merrill Lynch. At the same time, options markets indicate that investors see limited gains in the months ahead, according to Barclays.
The rising sense of concern comes as investors anticipate possible further details on plans to pull back emergency-level supports of the economy from the Federal Reserve at the Jackson Hole annual conference of central bankers.
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