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You don't say. [Chicago Fed President Michael] Moskow said accurate predictions of inflation are only part of inflation forecasting. Another component, he said, is learning from forecasting errors. "Understanding the reasons that forecasts are off the mark often yields important insights into the workings of the economy," he wrote. "This requires a view or theory of the inflation process -- something that is missing from forecasts simply based on the price of gold or last year's inflation rate." MORE "Fed's Moskow Urges Vigilance on Inflation". Posted by Greg Ransom | TrackBack