“In the event that we are going into a recession, companies will need to continue to grow their top lines, and making acquisitions could help accomplish that goal. Or if we end up in a soft landing, companies want to be prepared for that too.”

To be sure, M&A volume in the US and globally this year is down from 2021’s record highs.

But Goldman Sachs strategist Sienna Mori wrote in a report that the market was showing resilience, suggesting that companies remain focused on strengthening and diversifying their business mix to withstand economic shocks.

For example, Pfizer this month unveiled an acquisition of Global Blood Therapeutic, while an investor group led by Apollo Global Management proposed a buyout of Atlas Air Worldwide Holdings. Each deal is valued $US4.6 billion, according to Bloomberg data.