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(Bloomberg) — BlackRock Inc., the world’s largest money manager, says investors should pare their Treasury holdings because the U.S. will avoid a recession.

“Economic indicators this week may show the U.S. economy experienced a mild slowdown but is not headed for a recession,” Richard Turnill, the global chief investment strategist, wrote in a report Monday on the company’s website. Investors should have an “underweight” position in Treasuries, according to the report. New York-based BlackRock manages $4.6 trillion.

Manufacturing increased in March, according to a Bloomberg survey of economists before an industry report Tuesday. Orders for durable goods fell in February, based on the surveys ahead of the government figures March 24. A private report the same day will show growth in the services industry this month, based on the responses.

U.S. 10-year note yields were little changed at 1.92 percent as of 9:45 a.m. in Tokyo, according to Bloomberg Bond Trader data. The price of the 1.625 percent note due in February 2026 was 97 3/8.

To contact the reporter on this story: Wes Goodman in Singapore at wgoodman@bloomberg.net To contact the editors responsible for this story: Garfield Reynolds at greynolds1@bloomberg.net Tomoko Yamazaki, Simon Harvey