Economists polled by Reuters gave only a median 10 percent chance of a U.S. recession over the coming year. The highest probability provided was 40 percent.
Wells Fargo's Bullard said economic data had been strengthening over the past couple of quarters.
"That is certainly supportive to sustained moderate U.S. economic expansion," Bullard said. "But yet financial markets, at least the yield curve, are reflecting something that suggests that maybe there are some signals out there that need to be paid attention to, and clearly not everything is right."
This article was provided by Reuters.