The odds of a US recession are 'vanishingly low,' Wells Fargo head macro strategist says

• The odds of a US recession are "vanishingly low," Wells Fargo's head macro strategist says.
• "The underlying economy is pretty good, but it's not hot enough yet to spook the Feds. So [it's] a good comfort zone for a lot of people."
• He said the Fed will have to lower rates soon before high borrowing costs start to do damage.

The US is likely to avoid slipping into a recession, according to Wells Fargo head macro strategist Michael Schumacher.

"The big question is: what's the chance of a really nasty landing? So maybe growth tips a little below zero, does it go deeply negative?" he said in a CNBC interview on Tuesday. "We at Wells Fargo think that chance is vanishingly low at this point."