In June, fund managers polled in the Bank of America’s monthly Global Positioning Survey were the most bullish they’ve been in years. But today,the sentiment has shifted. Although investors are still in the green — with the S&P 500 up 18% year-to-date — a series of negative economic indicators and a recent market dip have made them more cautious.

• In August, polled investors reported being overweight on bonds, utilities, and healthcare — three assets that typically outperform during a late-stage economic cycle or recession.
• 47% of institutions now anticipate weaker global growth, up from 27% — with many remaining concentrated in US and UK stocks while pulling back from overseas trades.

Rise of the recession? Despite investor nervousness, a record 76% of investors expect a “soft landing” for the economy. But the Fed hasn’t landed yet. Many analysts worry that the central bank has waited too long to cut rates, with unemployment rising and consumer demand decaying. That’s why many have positioned themselves for the worst — exiting equities for the safety of bonds and cash en masse last month. It’s another sign that investors believe the the market’s fate (and the economy’s) hinges on how quickly and aggressively the Fed executes its four forecasted rate cuts this year.