According to a survey by BofA Global Research, allocation to U.S. stocks experienced a significant decline in March, which was attributed to concerns about stagflation, trade conflicts, and the possible end of U.S. exceptionalism. This resulted in a notable decrease in sentiment, termed as a "bull crash". Investors globally increased their allocation to cash to 4.1% from 3.5%, reversing a sell signal from December. The rapid decline in sentiment reflected an imminent end to the equity correction phase, as stated by BofA. Expectations for global growth also saw a notable drop, while allocation to euro zone stocks surged to the highest level since July 2021. Additionally, banks emerged as the preferred sector worldwide in the survey, which involved 171 participants overseeing $426 billion in assets.