Investor sentiment turned bearish in March due to the war in

Iran and concern over private credit, BofA's monthly fund

manager survey found, but sentiment remains well above the

levels during April 2025's tariff turmoil.

Just 7% of those surveyed expect a stronger global economy, down

from 39% a month earlier, while a net 45% expect higher global

CPI in the next 12 months, up from 9%.

However, while that caused BofA's broadest measure of investor

sentiment to fall sharply to 5.6 from 8.2, this is still well

above April 2025's low of 1.8.