More than 50% of fund managers now expect the Fed to starting raising rates in Q4 or later

The Bank of America Survey came out last night and there were several key takeaways. 1) Almost no one thinks that US stocks are the best place to park your money – with investor enthusiasm dampened by “a recent setback in the US dollar.” 2) “Expectations for when the Federal Reserve will hike interest rates are increasingly drifting into the future. More than 50% think it will now be in the fourth quarter of this year or even later.” 3) Investors are particularly concerned about the high-yield debt market in the U.S. Seventeen percent of those questioned named it as the “most crowded” trade, up from just 6% who said so in the April survey. 4) Investors are keeping a wary eye on China… particularly on debt defaults. Full article: (VIEW LINK)