The survey of portfolio managers, CIOs and buy-side strategists showed only 18% of the 191 financial professionals said the world economy is already in recession, compared with 24% in April, while 29% said a recession was likely during the next 12 months, compared with 40% last month.
At the same time, the net balance of respondents predicting a rise in global core inflation over the coming year more than tripled to 25% in May from 7% in April, while those expecting higher bond yields jumped to 80% from 55%.
Overall, fund managers remained gloomy about the economic outlook, with 85% predicting below-trend growth and above-trend inflation in the coming year, up from 76% in April. In a question asked for the first time this month, 77% of those polled said estimates for global corporate earnings remain too high.
Those saying stocks are undervalued dropped to 15% this month, from 26% in April.
The survey was conducted May 2-8.
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