BofA Survey ‘Screams’ Capitulation With Rally Set for 2023
- Sentiment on equities and growth shows full capitulation: BofA
- Strategists expect stocks to bottom in the first half of 2023
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The sentiment on stocks and global growth among fund managers surveyed by Bank of America Corp. shows full capitulation, opening the way to an equities rally in 2023.
The bank’s monthly global fund manager survey “screams macro capitulation, investor capitulation, start of policy capitulation,” strategists led by Michael Hartnett wrote in a note on Tuesday. They expect stocks to bottom in the first half of 2023 after the Federal Reserve finally pivots away from raising interest rates.