I think it was President Kennedy who pined for a "one handed economist" because his economic advisors were always telling him "on the one hand," his policies would lead to this, and "on the other hand," his policies would do the opposite.You get that frustration from Kennedy reading this Wall Street Journal article by Phil Izzo on inflation predictions over the next year by 56 leading economists:On average, the 56 surveyed economists, not all of whom answer every question, expect tame inflation, forecasting consumer prices in December will be just 1.8% above year-earlier levels.But there was a wide variance in the estimates which ranged from predictions of no increase in prices at all to a 4.4% increase. Consumer prices barely rose in March from February, and increased 2.3% over the previous year.When asked what presents a bigger risk over the next year, 23 economists said accelerating inflation and 23 said slowing inflation. That mirrors a divide inside...(Read Full Post)