This month’s Bank of America survey of global fund managers finds they have dialled down their expectations of both global growth and inflation. Expectations about a cyclical boom have peaked, while most buy the central banks’ line that inflation is transitory. The change of tack did not, however, lead to any marked change in positioning on stocks, commodities and bonds compared to the previous month. There hasn’t yet been much unwinding of the reflation trade. But there has been a...