Excel for Mac (15.33) not remembering recently used files

For some reason, Excel for Mac (15.33) is not remembering recently used files. How do I fix this?

I'm not using Office 365.

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Solution 1:

I decided to pin a document in the File Open dialog:

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after doing so, the Open Recent menu was populated.

** edit **

After closing and restarting Excel, the problem reoccurred.

Solution 2:

Great news. Fixed in Office 2019 version 16.29.1 (19091700 for Mac.