Most investors in Bank of America Merrill Lynch’s October fund manager survey are doubtful that the Federal Reserve will raise interest rates in 2015.
Only 47% of investors believed a Fed rate hike would happen this year, down from 58% who expected one in the September survey.
“As investors debate the timing of a rate hike, they should be anticipating a massive policy shift in the U.S., Europe and Japan from [quantitative easing] to fiscal stimulus in 2016,” Michael Hartnett, chief investment strategist at BofA Merrill Lynch Global Research, said in a statement.
A net 19% of the panel told researchers that global fiscal policy was too restrictive.
The survey, conducted from Oct. 2 to Oct. 8, polled 209 participants managing $512 billion of assets.