In Norway 0/20 «expert» macroeconomists from the large banks and financial institutions were right in their predictions of number of rate cuts from the central bank in 2024. Some predicted 5, most predicted 3, two predicted 1. None predicted zero, which was the number of ratecuts we got.

Now the inflation numbers are in, way above expectations, and again they have to walk back their predictions for 2025.

What is going on? I’m honestly curious to know how they can get this so wrong with their models. Must be embarrassing.

What is your take?