From the Loony Bin: Federal Reserve GDP Forecasts Stink, Etc…

SF Fed_1

These charts plot the evolution of the Federal Reserve’s GDP forecasts for 2008-2010 (above) and 2011-2013 (below) vs actual results.  Left vertical axis indicates GDP growth, right axis is trailing 12-month percentage change in the S&P 500.  (Source: http://www.frbsf.org)

SF Fed

As you can see, your guess is as good as theirs. (Source: http://www.frbsf.org)

Bud’s Round-up of Daily Drivel:

  • Interesting:  Researchers at San Francisco Federal Reserve Bank say the Fed can’t forecast too well.  (FRB of San Fran)
  • Pinboard billionaire: Pinterest new $500mm financing round targets $11B valuation.  (Wired)
  • A-lister: Angie’s List (ticker ANGI) touch lower today after yesterday’s 60% increase on strong 4Q results.  (thestreet.com)
  • Hedgie Shack attack: Unsecured creditors accuse hedge fund of foul play in Radio Shack bankruptcy.  (WSJ)
  • US jobless claims fall more than expected. (Reuters)
  • Nein:  Germany rejects Greek request for loan extension.  (The Guardian)
  • Dropping the F-bomb on net neutrality:  Mark Cuban attacks plan to regulate the internet.  (re/code)
  • All contributions welcome: The Clinton Foundation lifts restrictions on foreign government money.  (Washington Post)
  • The fox guards the henhouse: NFL official fired for trying to steal Deflategate football.  (NBC Sports)
  • Cheated:  UNC whistle-blower’s new book exposes academic fraud in college sports.  (Bloomberg)
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