America's economic forecasters failed dismally to predict the current recession. They now seem determined not to repeat the mistake and miss the onset of recovery. In a week when the Federal Reserve fretted about continuing economic weakness and cut short-term interest rates for the 11th time this year to 1.75%-the lowest nominal level since 1961-the talk on Wall Street was whether the turnaround had already started.rnConventional wisdom among the number-crunchers is that the economy will start to grow again in the new year.
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