The survey showed a "dire level of investor pessimism", which surpassed the lows seen during the COVID-19 pandemic and the 2008 global financial crisis. Of note, expectations of global growth and corporate profits have plunged to a record low.
Meanwhile, investors raised their cash holdings to more than 6% - the highest since October 2001. Adding to that, recession fears have ramped up to levels last seen since May 2020 while BofA's infamous investor sentiment remains at 'maximum bearishness'.
