MILANLONDON, Feb 13 Reuters Global investors are at their most bullish in two years this month and no longer expect a recession, as confidence grows in the resilience of the underlying economy, a Bank of America survey showed on Tuesday.

Fund mangers with a combined 568 billion in assets cut cash to 4.2 from 4.8 and lifted global stocks allocations to a twoyear high, the report showed.

This is the first time since April 2022 that fund managers have dropped their calls for recession, the survey showed.

Expectations for strong macro and no recession keep investors in the soft landing camp at 65, with hard landing probability fading to just 11, BofA said.

The fastest growing category is the no landing scenario. The survey showed 19 now forecast no landing for the economy, up from 7 in the January survey.

Some 65 forecast a soft landing for the economy and 11 predict a hard landing. Last month, 79 predicted a soft or nolanding outlook, while 17 called for a hard landing.

Markets are pricing for a series of interestrate cuts this year from the major central banks. The Federal Reserve has pushed back against some of this optimism and recent data has not argued in favour of prompt cuts either.

Yet the SP 500 has hit record highs above 5,000 this month, driven by enthusiasm about AI and a bumper earnings season.

Investors have certainly gone allin on technology stocks. According to the survey, tech allocation is at its highest since August 2020 and fund managers believe…