Although financial advisers acknowledge that the market and economy face a challenging environment, a scant 1% believe that a recession is very likely next year, and only 26% say that 10% or fewer of their clients have expressed fears of a recession, according to an OppenheimerFunds survey.

And according to OppenheimerFunds Economist Brian Levitt, their beliefs are well-founded. A deep recession isn’t likely, he said, but there will be a mid- to short-lived economic slowdown.

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