Robin Harding

The Fed’s forecasts look pretty similar to what I wrote on Monday but there are some interesting points:

First, there was barely any change at all to the 2012 growth forecasts – the range edges down a little to 2.6-4.7 per cent – and elsewhere we learn that the Fed staff actually upgraded their growth forecasts because of the lower interest rates, currency etc brought on by expectations of QE2. That shows strong confidence in the effectiveness of the policy. Read more

The Bank of England expects a coming boom. At least that is what is implied by its economic forecasts, writes Chris Giles of the Financial Times, who has translated the charts into figures. It is much more optimistic than the Treasury and independent forecasters, signifying that the recession is over and the recovery will be better than we had feared. Read more

The Bank of England has innovated by producing its forecasts as levels of output not changes. But it is still not coming clean about how much of the loss of output in the recession is gone for good, writes Chris Giles of the Financial Times. Read more