The market rallied on hopes of ending the Iran war, but Bank of America’s March Global Fund Manager Survey suggests that the mood on Wall Street has already changed. The survey covered 181 fund managers overseeing $529 billion in assets, with global fund managers increasing their cash holdings to 4.3% from 3.4%, the largest one-month increase since March 2020. However, investor sentiment fell to a six-month low, with a net 45% expecting higher inflation and a net 17% expecting lower short-term interest rates. Investors were also more cautious about slower growth, inflation, and fading hopes for easier policy. The study also found that a “no landing” scenario for the global economy remained the most likely outcome for the future.