Afternoon Must-Read: Josh Lehner: Squaring Fed Policy

Tim Duy sends us to Josh Lehner: Graph of the Week: Squaring Fed Policy “The following compares the Fed’s own forecasts…

…for nominal GDP (actually real GDP + PCE) on a 2 year ahead basis. Most forecasters, including the Fed, have performed relatively well on a 1 year ahead basis but keep calling for an improvement “next year” which has largely not materialized at the national level. Some states, such as Oregon, have seen acceleration in job growth but others have decelerated at the same time leaving U.S. growth at consistent rates…