Not Even Close!

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