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Federal Reserve Prediction Error Rate: 33% In Under 3 Months... Or 133%+ Annualized

By: capt_nemo in WRGO | Recommend this post (0)
Fri, 19 Aug 11 5:46 PM | 33 view(s)
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Submitted by Tyler Durden on 08/19/2011 - 08:50 Federal Reserve Google Monetary Policy

Today, Sandra Pianalto, president of the most irrelevant Fed in the US, the Cleveland one, confirmed why when it comes to economic predictions, one may want to take anything uttered by the rocket scientists at the Fed with a pinch of salt... and why in general anytime an economist speaks it is best to run away. Specifically, in her prepared remarks to whoever it is that is dumb enough to listen, she just said that she expects the US economy to grow by 2% in 2011. Funny, because a simple google search reveals the following glaring headline from those long ago days of June 1, 2011...

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http://www.zerohedge.com/news/federal-reserve-prediction-error-rate-33-under-3-months-or-133-annuallized




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Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.




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