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The Fed's model (data here) shows that the recession probability peaked during the October 2007 to April 2008 period at around 37-42% (see chart above), and has been declining since then in almost every month. For 2010, the recession probability is only 0.28% and for December of next year the recession probability is slightly higher, but still less than 1% (0.57%). According to the NY Fed Treasury Spread model, the odds of a double-dip recession through December of next year are about 1 in 175.
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