Most investors do not expect a recession in the next 12 months.

That's according to the latest Global Fund Manager Survey (FMS) conducted by Bank of America. The report, released Tuesday, shows optimism in the stock market at its highest level since November 2021 buoyed by expectations that inflation will decrease and short-term interest rates will get cut.

"Our broadest measure of FMS sentiment, based on cash levels, equity allocation, and economic growth expectations, rose to 6.0 from 5.8, and a low of 0.3 in [October 2022]," the report stated.

The survey, led by the firm's chief investment strategistMichael Hartnett, sourced commentary...