"The Cleveland Fed’s Inflation Nowcast and the Chicago Mercantile Exchanges’s Fed Watch Tool are two of the most cited data-products in all of financial journalism. If you read financial journalism or track financial topics on Twitter, they are omnipresent sources.<p>You should trust neither. Both are obviously methodologically flawed and clearly inaccurate.<p>Their failures - and the failures of journalists to interrogate them - suggest serious problems with the information ecosystem around economics and finance."