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U.S. recession coming? 'Absolutely' -portfolio manager

STORY: Coons says that "a lot is riding on" the Fed's next meeting in June, and believes the central bank will pause its rate hikes and "watch the data and see what inflation does."

While the Fed is targeting an annual inflation rate of 2%, Coons said "two percent is going to be a very, very difficult number to get to."

"We think 3% is a suitable level to get to, and we think that if we get to that level, the Fed would be satisfied," he added.