Respondents of CNBC's September Fed survey believe that the U.S. has a 52 percent chance of going into a recession in the next 12 months.
The 35 survey respondents also predict that the Fed will raise the federal funds rate to 3.1 percent, peaking at the end of March 2023.
Fifty-seven percent of U.S. experts think that the Fed will cause a recession by excessively tightening rates.
"I’m fearing they are on the cusp of going overboard with the aggressiveness of their tightening, both in terms of the size of the hikes along with (quantitative tightening) and the speed at which they are doing so," Peter Boockvar, chief investment officer of Bleakley Financial Group, said, according to CNBC.
Eighty percent of survey respondents said their forecasts on inflation have not changed from last year despite the Inflation Reduction Act.