Golden Finance reports that the monthly fund manager survey by Bank of America shows that, thanks to optimistic earnings performance and improved global economic sentiment, investors are returning to the stock market, and holding U.S. large-cap tech stocks has once again become the hottest trade. The August survey included 169 participants, managing a total of $413 billion in assets. The likelihood of a hard landing has fallen to its lowest level since January 2025, stock allocation is increasing but has not yet reached extreme levels. A net 78% of respondents expect short-term interest rates to decrease in the next 12 months. 29% of respondents believe that the trade war remains the biggest tail risk, while 27% think that inflation hinders the Federal Reserve from cutting interest rates.