Very humble source in New York on the other end of the phone this afternoon. We all get it wrong sometimes, and this was one of those times.

The US Bureau of Economic Analysis (BEA) up and proved us wrong today by saying the US growth estimate was only wrong by 33%, as opposed to the 60% we forecast.

No excuses (apart from a bit of suspicion about the number) from our well-placed Mole. He’s usually right, actually. But not this time.

Apologies all round.

The Editor.