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

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