A Wall Street investment chief overseeing $26 billion breaks down why recession fears are overblown, even as the market clamors for Fed relief

Some industry watchers argue that the recent yield-curve inversion is due to low inflation, and therefore not a sign of recession. "It's hard to make the case that the US economy is heading towards a recession," said Mark Heppenstall, who helps oversee $26 billion as chief investment officer of Penn Mutual Asset Management. Still, the bond market continues to put pressure on the Federal Reserve to cut interest rates, a move usually reserved for a weakening economy.

Some industry watchers argue that the recent yield-curve inversion is due to low inflation, and therefore not a sign of recession. "It's hard to make the case that the US economy is heading towards a recession," said Mark Heppenstall, who helps oversee $26 billion as chief investment officer of Penn Mutual Asset Management. Still, the bond market continues to put pressure on the Federal Reserve to cut interest rates, a move usually reserved for a weakening economy.

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