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Fund managers agree with the Fed as most say inflation will be transitory, Bank of America survey finds

Nearly 75% of fund managers think the current spike in consumer prices will calm down, one survey found.

6/15/2021 6:18:00 PM

Nearly 75% of fund managers think the current spike in consumer prices will calm down, one survey found.

A survey of fund managers found nearly three-quarters think the current spike in consumer prices will calm down.

U.S. consumer prices shot up by 5% in the 12 months ending May, with the core consumer-price index rising by the fastest in 29 years. Chair Jerome Powell and his colleagues at the Fed say these inflation readings will only be high temporarily.Fund managers were still bullish on the global economy, though less so, with a net 75% saying they expect the global economy to improve, which is down 9 percentage points from the April survey. Since 1994, the prior peak optimism readings were followed by a 75-basis-point drop in the 10-year Treasury yield.

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Inflation expectations also fell, with a net 64% expecting higher inflation in the next 12 months, down 19 points from April.By 48% to 34%, investors said the economy was in the middle of the cycle rather than the start of it.Investors were overwhelmingly positioned for higher yields, with commodities, materials and banks leading the way. The allocation to bonds was at a three-year low.

Bank of America said it surveyed 224 panelists managing $667 billion in assets.The S&P 500 SPX, -0.27% ended Monday at its 29th record high of the year, with a 13% gain in 2021. Read more: MarketWatch »

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Markets Are Leaving Little Room for the Fed to Be Wrong on InflationThe Fed is probably right that this burst of inflation is transitory. But investors need to pay attention to the risk that it is wrong, too, writes jmackin2 jmackin2 Check coinmarketcap jmackin2 Probably wrong- jmackin2 Usually inflation follows the end of a very long war, i.e.

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