This is an adjustment of expectations from market gains of 15% to 20% each year to more reasonable expectations of 7% to 8%.

FORBES: Learning from history

Citigroup (C) beat expectations in its report, which excluded credit valuation adjustment.

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For example, in its World Economic Outlook last September, it said: "If activity were to undershoot current expectations, countries that face historically low yields should also consider delaying some of their planned adjustment".

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Students apply on the basis of predicted grades - and the "adjustment" system was intended to make it fairer by allowing pupils who outperformed their expectations to change their university choices after A-level results.

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