The BofA Merrill Lynch May fund manager survey has found that expectations for faster global growth continue to fall, with just net one percent of investors indicating they think the global economy will strengthen over the next 12 months, which is the lowest level since February 2016. 

Higher inflation remains the consensus view, with net 79 percent of investor’s surveyed expecting core CPI to rise over the next 12 months.

Only two percent of investors surveyed expect a recession this year; the consensus is for Q1 of 2020, though investors are split between 2019 (41 percent) and 2020 (43 percent).

The ave...