Fund Managers More Upbeat, No Longer Forecasting U.S. Recession Despite Lingering Economic Concerns

• Fund managers no longer forecasting a U.S. recession in the next 12 months for the first time since April 2022 • Percent expecting a stronger economy over the next 12 months still negative at -25%, but most optimistic since Feb 2022 • Two-thirds still say a soft landing is the most likely case for the global economy • Fund managers have taken cash levels down to 4.2% in February from 4.8% in January • U.S. commercial real estate took the number-one spot for most likely source of a systemic credit event