Between 2009 and 2012, 14 Fed policy makers made more than 200 predictions in speeches and congressional testimony, an article in The Wall Street Journal said.
Janet Yellen, president of the Federal Reserve Bank of San Francisco, posted the most accurate forecasts, predicting slow growth and low inflation over the past four years, the article explained.
On the opposite end, the most inaccurate forecasts came from central bank hawks, who feared Fed policies would trigger rising inflation.
However, Fed predictions hold more power than words, with a wrong prediction possibly stalling economic growth.
But New York Fed President William Dudley said forecasting errors have had serious consequences. "We were consistently too optimistic about growth over the 2009-2012 period," he said. "As a result, with the benefit of hindsight, we did not provide enough stimulus."[body goes here]