Fed’s Shift to Data Dependence Foreshadowed in 2010 Projections

  • New York Fed’s ‘Blackbook’ projections show wide misses on GDP
  • Ex-research chief says lessons from forecasts were humbling

Opening the New York Fed’s 2010 Blackbooks

Federal Reserve Bank of New York economists struggled to offer accurate guidance to senior policy makers on the direction of the U.S. economy in the wake of the financial crisis and Great Recession, according to newly obtained records.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.