The Risk Appetite Index from September’s #IMI fell from -13% in August to -16%, indicating growing risk aversion. Expectations of near-term US equity market returns remain deeply in negative territory. Read more: ow.ly/ZAMW50KI1jH 
The biggest perceived drags on the US equity market are the global macroeconomic environment and central bank policy, followed by the political environment.
Special survey questions asked in September reveal that a recession over the next year is anticipated by 79% of investors, though only one-in-ten expect the recession to be deep. At the same time, investors see inflation remaining elevated and a concern to the FOMC.
Energy stocks displaced healthcare as the most favored sector in Sept, with IT/tech also seeing positive sentiment. All other sectors are suffering from negative sentiment for the near-term outlook, with consumer discretionary being the least favored, followed by real estate.
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