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Investors Most Pessimistic So Far This Year, BofA Survey Shows

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The New York Stock Exchange.
The New York Stock Exchange.Photographer: Victor J. Blue/Bloomberg
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The mood among global fund managers soured further in May, with investors flocking to cash amid concerns that a recession and credit crunch are looming, according to Bank of America Corp.’s latest survey. 

The sentiment among fund managers deteriorated to the most bearish this year, with 65% of survey participants now expecting a weaker economy, BofA’s poll showed. At the same time, almost two thirds of investors see a soft landing as the most likely scenario for global economic growth and expect only a small contraction in earnings.