Investor sentiment has shifted markedly toward anticipating a global economic downturn, with a net 49% of 164 investors managing $386 billion in assets expecting a hard landing for the world economy, a sharp reversal from 83% who expected no recession in March. Additionally, 42% of global investors foresee a global recession, marking the highest level since June 2023 and the fourth largest reading in over two decades. In the United States, executive sentiment is at crisis levels, as positive mentions of the economy by S&P 500 firms during Q1 2025 earnings calls dropped to the lowest point since the Financial Crisis, even lower than during the 2020 crisis. Recession probabilities in the US are rising significantly, with the one-year recession odds priced by the S&P 500 earnings yield and BBB-rated corporate bond spreads jumping to 60%, the highest since 2022. This probability has tripled in recent weeks, and historically, when this indicator exceeds 80%, the US economy has entered a recession.