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Honeywell International Chairman and CEO Darius Adamczyk is warning investors to take a step back from the day-to-day market volatility and avoid talking themselves into a recession.
"Recessions can be self-created" when corporate leaders, "like myself, become nervous and they stop investing," he told CNBC's Morgan Brennan, in an interview that ran Tuesday. "A little bit of that may be taking place."
"I don't see this major recession coming," he added. "The environment is slightly worse than it was last year. But I would emphasize the word 'slightly,' and last year was a very strong economic year."
However, Adamczyk acknowledged there is a lot of global economic uncertainty, with the continuing U.S.-China trade war sending financial markets falling and soaring on practically every headline. He also cited concerns about negotiations around Brexit and whether Britain is headed for a messy departure from the European Union.
"There is such a thing as maybe watching the news cycle too closely," Adamczyk said, adding that conditions can change "dramatically" from one day to another.
For example, stocks bounced Monday, following a Friday swoon after President Donald Trump announced plans for China tariff increases, a move that sent the Dow Jones Industrial Average down 623 points. On Tuesday, the market was volatile as bond yields resumed their slide, inverting the 10-year Treasury yield to its lowest level against the 2-year since 2007.
Adamczyk said economic growth and markets could gain ground if there were a resolution in the Washington-Beijing trade and technology disputes and in executing a Brexit deal.
"I actually think that things could take off ... economies and the animal spirits return and the investment profile," he contended. "As much as there could be a risk of recession, there's also an opportunity for an acceleration in investment."