It’s the time of the year when forecasts from research houses land in journalists’ inboxes, and we turn our attention to writing reviews of the year and next year outlooks for our respective beats. But the danger is that, while putting together these divinations, big events can happen and economic facts change to such a degree that the reports are obsolete on release. 

I suspect analysts were working on their economic forecasts for weeks, if not months. But from an economic and markets perspective, the narrative shifted dramatically in November.