Building these advanced models will require exploitation of the ensemble of modeling more fully to produce quantitative probabilistic forecasts of atmospheric quantities with estimates of uncertainty to generate probabilistic forecasts of the impacts and risks of weather disasters.

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Banks and investment firms are expected to make forecasts, and their quantitative models have nothing but past performance for fuel.

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With inflation predicted to rise in coming months and to remain above the BoE's 2 per cent target for much of the next two years, the committee's forecasts gave no hint of a resumption of the bank's quantitative easing programme, which creates money to buy assets, but also no sign of a rise in interest rates on the horizon.

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Portfolio manager Richard Moroney, who's also editor of the Upside and Dow Theory Forecasts newsletters, finds that stocks earning consistently superior scores on his "Quadrix" quantitative tended to continue earning high scores for attractiveness.

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