Adviser sees 35% chance of recession, citing high energy costs

STORY: Data on Wednesday showed that while U.S. job openings fell in April, they remained at high levels, suggesting a continuation of wage increases as companies scramble for workers, which would contribute to inflation staying uncomfortably high.

The U.S. Federal Reserve faces a difficult task in dampening demand in the economy enough to curb inflation while not causing a recession.

"Right now, I'd put the chances of a recession at about 35%," said Bruderman, adding that he believes the Fed can orchestrate a soft landing. "But I think there's so much underlying strength in the economy that, if there is a recession, it's going to be a shallow one."

U.S. manufacturing data also out Wednesday showed activity picked up pace faster than expected in May as demand for goods remains strong, easing concerns about an imminent recession.