Fed Sees Low Probability Of A Recession

The Boston Fed's Eric Rosengren hit the wires Tuesday afternoon following another Rule 48 open on the NYSE.

Below is a recap of Rosengren's comments (per Reuters):

• Rate hike cycle likely to be more gradual, reach lower levels than past cycle
• More modest U.S. tightening cycle 'necessary and appropriate'
• Oil prices could bring less U.S. inflationary pressure
• Inflation mandate a reason to keep rates low

Seems like business as usual, until this hit the wire:

• Probability of pending U.S. recession not very high

Readers will recall a prior U.S. forecast from 2005 that a popular and well-know Federal Reserve employee shared (skip to 0:43):