Not Even Close!

Tyler Durden's picture

Presented with little comment aside to ask the rhetorical question - just what is the 'value' of the consensus?

 

 

Obviously - thanks to the entirely binary scenarios of the future created by The Fed - headline data prints are really nothing but noise; and noise that shortly after their release is always revised away to suit whatever policy du jour requirements prevail.

 

Of course, as we noted here, it seems the sell-side just can't help itself from the optimistic mean-reverting extrapolative forecast... but what happens next?

 

Chart: Bloomberg