The return of inflation, rising interest rates, the energy crisis in Europe, and fears of a recession are changing the mood of investors.. A good sign is in the September results of Bank of America's monthly global survey of fund managers.

The proportion of respondents (52%) who say they are underweight their equity investments is the highest since 2001, while 62% are overweight cash. The number of respondents expecting a recession reached 62%, the highest level since May 2020.

On a slightly more positive note, 79% of 79% of respondents expect inflation to slow over the next twelve months, while 36% believe the Fed will stop raising the rate in the second quarter of 2032.