"The bottom line is that the US economy is not in a recession, and there are no signs of a recession on the horizon," Apollo's Tosten Sløk said.

Treasury Secretary Janet Yellen has said recent economic data signaled that the U.S. economy is pulling off a soft landing, but noted that there are "downside risks" to employment. "So what I see when I look at the economy is very strong growth deep into a recovery,