How America's top CEOs are feeling about the economy depends on if you're a glass-half-full or half-empty type.

What's new: As of early June, the 177 leaders of America's biggest companies surveyed by the Business Roundtable (BRT) were still planning to hire and invest at high rates, according to data shared exclusively with Axios.

Why it matters: More executives pulling back on hiring and capital spending implies a slowdown in the last year's booming growth — and an economy that is more vulnerable to recession.

Details: The survey was fielded before last week's hotter-than-expected inflation print, the stock markets' plunge into bear market territory, and fresh signs the Fed is considering the steepest rate hike in 28 years. But the data points to more caution around hiring and capital expenditure plans, as well as sales forecasts.

What they're saying: "The softening of quarterly CEO sentiment reflects uncertainty driven by the unprecedented times we face as a nation and global community," General Motors chief executive Mary Barra, who chairs the Business Roundtable, said in a statement.

Between the lines: In a way, the results hint at exactly what the Fed wants but may not be able to pull off: chilling demand to tame inflation, but without throwing the economy into a recession.

Josh Bolten, CEO of the BRT, said that Congress and the Biden administration should "pursue policies that alleviate inflationary pressures and promote long-term growth."

The bottom line: Executives don't necessarily think an "economic hurricane" is coming, as JPMorgan Chase chief Jamie Dimon memorably said recently. But they are decidedly bracing for a slowdown.