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Fund managers haven’t been this pessimistic on the economy since the early days of the pandemic

Fund managers are souring on the economy while remaining bullish on stocks.

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Fund managers are saying one thing and doing another, the latest survey from Bank of America finds.

In September, the net percentage who say the global economy will improve over the next 12 months fell to 13%, down 14 percentage points from August the lowest since April 2020, and down from the 91% peak in March 2021.

Similarly, expectations...