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Asked when they think the Fed will first increase rates, more than three quarters of the panel predicted the second half of 2010or beyond, one in six respondents believes the Fed will not act before 2011, BofA Merrill Lynch Global Research said in a report Thursday.
U.S. Fed Chairman Ben S. Bernanke said Monday that the Fed would keep low interest rates for an extended period, citing uncertainties in U.S. economy, such as constrained flow of credit, weak economic activity and high unemployment, despite evidences of recovery.
"The Federal Open Market Committee continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period," said the chairman.
A total of 218 fund managers, managing assets worth of 534 billion U.S. dollars, participated in the global survey o Nov. 6-12, conducted by BofA Merrill Lynch Global Research with the help of market research company TNS.
A net 47 percent of respondents said they expect global core inflation to be higher in 12 months, up from a net 39 percent in October. Two thirds of the panel believe that the existing monetary policy is "about right."
"Investors see inflation as a greater risk than deflation and are hedging that risk with overweight positions in emerging markets and commodities, and an underweight position in the U.S. dollar," said Michael Hartnett, chief global equity strategist at BofA Merrill Lynch Global Research.