Bank of America released a report this week on the results of its most recent monthly Fund Manager Survey. The survey’s 208 participants control a combined $607 billion in assets.

The Results

Survey respondents indicated that the global economic environment continues to be centered around global growth, higher interest rates and a stronger U.S. dollar. Fund managers also seem to be exercising a bit of caution when it comes to the markets, indicating a 4.5 percent cash level in May, the highest cash allocation in 10 months.

Current stock and bond allocations are also at their lowest levels in six to nine months.

Rate Hike Predictions

According to the survey, more than half of fund managers believe that the Federal Reserve will…

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