Major CEOs aren’t buying the notion that the US economy could have a soft landing following a series of historically large interest rate hikes by the Federal Reserve to fight inflation.

According to a survey of 400 leaders of large US companies by consulting firm KPMG, a whopping 91% are predicting a recession in the next 12 months. What’s more, the survey, released Tuesday, found that only 34% of these CEOs think the recession will be mild and short.

“There has been tremendous uncertainty over the past two and a half years,” said Paul Knopp, chairman and CEO of KPMG US, referring to the Covid-19 pandemic and worries about inflation. “Now, we have another looming recession.”

Companies are preparing for a downturn and planning to cut expenses. A big way to slash costs? Job cuts. KPMG noted that more than half of the CEOs are considering workforce reductions to deal with a recession.