The Bank of America (BofA) Global Fund Manager Survey indicates a significant shift in investor sentiment, with expectations for lower interest rates over the next 12 months reaching the highest levels in the survey's history. Despite concerns about inflation and hawkish central banks, there is a notable decrease in conviction regarding tail risks compared to previous periods. Last month, investors showed a marked preference for bonds over equities, reflecting a one-year high in equity investor risk aversion driven by economic growth worries. Overall, while investors are nervous, the survey suggests they are not in a state of panic, indicating a cautious but stable outlook amidst ongoing market uncertainties.