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As a result, inflation has undershot the bank's forecasts, which have been successively revised downwards (see chart).
The MPC also has a major problem with the credibility of its forecasts, which have been overly optimistic.
Mr Gordon's latest research casts a doubting eye at most near-term economic growth forecasts, which have the American economy growing between 2% and 3% in coming years.
The NOAA forecasts, which have been issued since 1998, were a combined effort of the National Hurricane Center, the Climate Prediction Center, and the Hurricane Research Division.
"State revenues continue to deteriorate, as most states are witnessing monthly totals lower than their recent forecasts, which have been revised downward," said Gov. Jim Douglas of Vermont, the chairman of the National Governors Association, which opened its winter meeting here on Saturday.
The lessons of that error have been incorporated into subsequent forecasts, which have been issued with increasing confidence each year.In any event, this will probably be the last opportunity to see a Leonid meteor storm clearly until Tempel-Tuttle comes back in another third of a century.
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However its wholesale revenues missed forecasts, which has prompted some profit taking in the shares.
The company also withdrew its previous earnings forecasts, which had already been lowered several times this year.
But even that drop was better than forecasts, which had put DaimlerChrysler's net at just under $200 million.
The C.P.I. results were in line with analysts' forecasts, which had called for a 0.3 percent increase in August, with the core index up 0.1 percent.
The consumer price results for September were slightly below analysts' forecasts, which had called for a 0.2 percent rise in September and a 0.1 percent increase in the core index.
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