[1]What in January 2012 was a 2014 GDP forecast range of 3.7%-4.0% collapsed to 2.1%-2.3% in June [2](because clearly the Fed couldn't possibly forecast snow in the winter), and three months later is now 2.0%-2.2%. In short, a 43% forecasting error.
That is all.
[3]
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Links:
[1] http://www.zerohedge.com/users/tyler-durden
[2] http://www.zerohedge.com/news/2014-06-18/feds-laughable-2014-gdp-forecast-over-time
[3] http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/09/Fed%202014%20GDP%20forecasts.jpg
