According to the BofA Merrill Lynch Fund Manager Survey, 47% of investors expect the Fed to start raising its interest rates this year, down from 58% in September. 209 investors were surveyed.
"As investors debate the timing of a rate hike, they should be anticipating a massive policy shift in the U.S., Europe and Japan from QE to fiscal stimulus in 2016," chief investment strategist at BofA Merrill Lynch Global Research, Michael Hartnett, said.
39% of investors said that China is the greatest "tail risk".