Fears of a looming recession in the U.S. are overblown, and underlying forces point to a strong consumer and continued growth in the coming year, Boston Fed President Eric Rosengren said on Tuesday. “My own view is that it is unlikely we will have an economic downturn in the coming year, given the generally positive financial conditions and the continued accommodative monetary and fiscal policies,” Rosengren said, in a luncheon speech to the Forecasters Club of New York. The savings rate and household net worth are trending upward simultaneously, meaning that consumers are well-positioned to spend, he said. ... (full story)