The tumult surrounding President Donald Trump's first weeks in office has not bothered professional investors, whose confidence is surging that both the economy and stock market are in for robust times ahead.
Optimism that the global economy is in a "boom" period has multiplied by orders of magnitude, according to one measure in the latest Bank of America Merrill Lynch Global Fund Manager Survey.
Some 23 percent believe the economy will see above-trend growth and inflation in the next 12 months, which BofAML interprets as "boom" sentiment. At this time last year, that number was just 1 percent. A net 59 percent believe global growth overall is heading higher.
The trend complements another reading in which 18 percent believe the economy is in a "Goldilocks" period, meaning growth is not so fast that it will spur aggressive policy action, but not so slow that it points to a looming recession. That indicator was at 6 percent a year ago.
Moreover, the number of pros who see "secular stagnation" — a prolonged period of fundamentally slow growth — is at just 43 percent, compared to 88 percent last year, the survey showed.