This reminds of the the 2008 depression during Obama’s reign.
Nearly every time economists predictions were surprisingly wrong.
How can only 3 of 50 economists get this right — and those on the tail end of the curve?
Just BMO (and two other smallish banks, SMBC Nikko and Berliner Sparkasse) predicted correctly
- BMO 8.3
- BNP 8
- BofA 8.2
- Citi 8
- Credit Suisse 7.9
- Goldman 8
- HSBC 8.2
- ING 8.2
- Jefferies 8
- JPMorgan 8.1
- Morgan Stanley 7.9
- Nomura 8
- Soc Gen 8.1
- Standard Chartered 8
- Stifel 8
- TD 8
- Wells Fargo 7.9
Will they fix their predictive models? They put way too much weight on fuel prices decreasing (which is a leading indicator) and ignored what any normal American could have told them: food costs are sky-high.