Investment managers of credit assets such as corporate bonds remain unconcerned about the prospect of a recession or a worsening outlook for higher-risk assets in the next year, a mid-year survey by Russell Investments shows.

A dramatic shift in monetary policy stance by the U.S. Federal Reserve, which is expected to cut interest rates as early as this month, has fueled a rally in equities, credit and other risk assets.

In the euro area, expectations of rate cuts and possibly a return to quantitative easing have helped push the iBoxx euro corporate bond index to record highs.

"In this survey we have seen that interest rate managers expect the Fed to react to slower U.S. growth by ending rate hikes (or even cut rates) to support risk assets," the Russell Investments survey of 62 investment managers globally shows.

"Meanwhile, credit managers are not overly concerned by the threat of a recession or deterioration in risk assets over the next 12 months."

The survey, received exclusively by Reuters, is due out later this week.

The survey also showed investors had turned more bearish on the euro. But they believe Britain's pound will appreciate from current levels - brushing off political uncertainty and the risks of a hard Brexit.

More than 30 percent of those currency managers, those looking over a broad set of currencies, expect sterling to trade in the $1.36-$1.40 range in the next 12 months.

Sterling was trading at $1.26 on Tuesday.