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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

3 mins ago - World

Merkel's farewell spoiled by Poland crisis at EU summit

One last awkward EU "family photo." Photo: John Thys/AFP via Getty Images

Angela Merkel took up her vaunted mantle as Europe's crisis manager for what could be the last time tonight, as she urged the EU to find compromise in its showdown with Poland.

Why it matters: The European Commission has threatened to withhold over $40 billion in pandemic recovery funds after Poland's constitutional tribunal — stacked with loyalists from the ruling right-wing populist party — rejected the principle that EU law has primacy over national law.

Republicans who put it all on the line

Rep. Nancy Mace speaks with reporters after voting to hold Steve Bannon in contempt of Congress. Photo: Anna Moneymaker/Getty Images

A small contingent of House Republicans risked their political futures on Thursday, they say, in the name of constitutional responsibility.

Why it matters: The nine Republicans who voted to hold former Trump aide Steve Bannon in contempt of Congress are now in peril of becoming political pariahs. They've opened themselves up to potential primary challengers and public attacks from their party's kingmaker — former President Trump.

The defy-default

Illustration: Aïda Amer/Axios

Political figures are exploiting the slowness of the U.S. justice system, Donald Trump's attacks on its integrity and divisions in society to defy the law.

Why it matters: As polarization intensifies, it's placing tribalism above a shared national code of conduct. Increasingly, accountability rests not on the ballot box but with the nine-member, lifetime-appointed and currently conservative-majority Supreme Court.

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