Market Extra: 70% of fund managers see danger ahead—the highest percentage since the financial crisis

The recent turbulence on Wall Street, which pushed the U.S. stock market into its first correction in about two years, seems to have soured fund managers on where the economy may be headed.

According to the BofA Merrill Lynch fund manager survey for February, 70% of those polled believe the global economy is in its “late cycle,” the highest such reading since January 2008, right as the financial crisis began to gather steam.

The late part of an economic cycle typically coincides with the market’s peak and precedes a decline into recession. According to the Wells Fargo Investment Institute, which in early January suggested the U.S.

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