A potential US recession will be mild and more in line with 'light rain' as opposed to a hurricane, says Pimco strategist

According to Anthony Crescenzi, executive vice president, market strategist and portfolio manager at Pimco, a looming US recession may not be as bad as people think.

Jamie Dimon used a weather analogy when he warned that an economic storm is on the way and that banks need to be prepared.

The idea of a hurricanes is probably not the right idea, according to Crescenzi. Light rain is probably the right idea.

He said that there is little chance for more monetary and fiscalStimulus to boost growth. As investors watch the risk of a recession, the macroeconomic picture seems to be stable.

Recession calls have tightened their grip on markets. George Saravelos, global head of currency research atDeutsche Bank, said that the latest US inflation reading has caused markets to price in a 100% chance of a recession before the year ends.

There's a lot of upside once a recession passes due to strong household savings and low unemployment.

"Money will flow to entrepreneurs, inventors, and creditworthy borrowers in a time of stress, so there's lots of reason to think we can come out of this pretty good," he said.