Bangladeshi workers preparing reinforcing steel at a construction site in Dhaka on Feb. 16. Photo: Mamunur Rashid/NurPhoto via Getty Images

Expectations of global growth were cut in half in the latest Bank of America survey of asset managers.

What's happening: The survey showed money managers are less bullish this month than in January, but had also cut their cash holdings to 4.0% from 4.2%, which was the lowest since March 2013.

Details: Only a net 18% of investors surveyed said they expect the global economy will improve in the next 12 months, down from 36% in January. However, that number remains well above the lows of 2019.

  • 67% of investors surveyed expect below-trend growth and inflation over the next year, up 5 percentage points from January.
  • Investors also slashed their expectations for inflation — net 60% of respondents expect global inflation metrics will not rise in the next year.

The big picture: When asked what would increase their expectations for inflation to rise, 26% of those surveyed responded Modern Monetary Theory, while 24% selected a G7 commitment to infrastructure spending.

Of note: "February saw big rotation into US bonds, tech, and EM, out of banks, energy and value," BofA analysts said in the report.

Go deeper: Asset managers urge caution in 2020

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 33,396,784 — Total deaths: 1,002,628 — Total recoveries: 23,182,295Map.
  2. U.S.: Total confirmed cases as of 8 a.m. ET: 7,150,117 — Total deaths: 205,091 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Business: Companies are still holding back earnings guidance.
  4. Health: Trump announces plan to distribute 150 million rapid tests —The childless vaccine.
  5. Media: Fauci: Some of what Fox News reports about COVID-19 is "outlandish"
  6. States: Cuomo extends New York moratorium on evictions until 2021.
  7. World: More than 1 million people have now died from coronavirus — India the second country after U.S. to hit 6 million cases.

Media prepares to fact check debates in real time

Illustration: Annelise Capossela/Axios

From live blogs to video chyrons and tweets, media companies are introducing new ways to fact check the presidential debates in real time this year.

Between the lines: The debates themselves are likely to leave less room for live fact-checking from moderators than a traditional news interview would.

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