The biggest US tech stocks are not only a bet on innovation but also a possible hedge against inflation, according to some respondents in the latest Bloomberg Markets Live Pulse survey.

A clear majority of investors expect a US recession before 2024 is out, leading them to view the current bull market in stocks as ephemeral and to favor long-term US Treasuries.

A fresh fiscal showdown is brewing in Washington that threatens to complicate the Federal Reserve’s policymaking and strengthen Fitch Ratings’ warning that self-inflicted wounds are tarnishing America’s standing in the global economy.

Investors are looking beyond a looming global recession and they see one country – and its financial markets – emerging strongest on the other side.