Investors raised cash allocations to 5.1 percent on growing concerns over central bank hawkishness, BofA Securities’ monthly fund manager survey showed before key policy decisions this week by the U.S. Federal Reserve and other big central banks.
The U.S. investment bank said “hawkish central banks” was the biggest tail risk and that has sparked a surge in cash from the 4.7 percent in November and a more defensive asset allocation.
