Investor confidence is rapidly declining, with recession odds on the rise. The Global Fund Manager Survey by Bank of America revealed the fifth most bearish sentiment in 25 years, with 82% of respondents expecting global economic weakening in the next 12 months. In March, only 44% had a negative growth outlook. The survey, gathering responses from global fund managers overseeing trillions in assets, indicates a surge in recession fears, with 42% predicting a global recession (up from 19% in March) and a 49% probability of a "hard landing." This shift from optimism to caution is reflected in collapsing U.S. equity allocations and swelling cash piles, indicative of a highly bearish market outlook.