Outlooks are like weather forecasts; they can be instructive but not conclusive. A weatherman or woman could advise that citizens carry brollies when going out but the sun rises and blazes in all its glory, the wind blows gently and by 4.00 pm not a drop of water cools the face of parched pavements. Should the weatherwoman be given a pink slip and shown the door? No. Outlooks are guides based on the available information (which are not exhaustive) and assumptions that can shift for a wide variety of reasons.

For Proshare's 2023 Economic Outlook the analysts came to conclusions based on the quality and quantity of best-in-class data available as of the time of report writing. 2023 is a tricky year to make firm statements on plausible economic outcomes.