BofA surveyed 30 global fund managers (US$341 bn assets) Apr 3‑9, 2026, finding investors doubt durability of recent US dollar strength.
Respondents expect the dollar to weaken, see growth concerns outweighing inflation, and anticipate a dovish Fed with peaked interest rates.
Highest‑conviction trade is “long rates” on short‑end yields; oil projected $90‑99/barrel and gold $5,000‑5,500 over the next 3‑6 months.
Iran conflict seen as short‑term support; war may end April but <33% expect normal Hormuz shipping by mid‑year, while Russia‑Ukraine war has no near‑term resolution.