BAC：investor cash levels hit a 20-year high

With global economic growth expected to fall to historic lows and stagflation fears rising, investors are hoarding cash, according to the survey. Current investor cash levels, which are at a 20-year high, are described as "extremely pessimistic" by Bank of America. Bank of America's latest survey of institutional investors with $872 billion in assets under management also shows that central banks turning hawk is seen as the biggest risk, followed by a global recession, and stagflation concerns have risen to the highest level since 2008.