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Futures Rise, Eye 71st All-Time High

Futures Rise, Eye 71st All-Time High

After closing at a fresh all time high on Wednesday, its 70th high for the year, which is the most new highs for the index since the 77 it set in 1995 (it’s unlikely to surpass that cumulative total in…

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Futures Rise, Eye 71st All-Time High

After closing at a fresh all time high on Wednesday, its 70th high for the year, which is the most new highs for the index since the 77 it set in 1995 (it's unlikely to surpass that cumulative total in the year's remaining two sessions), S&P futures are rising again on very light volume, up 0.2% or 8.50 to 4,793 and on pace for yet another all time high. Nasdaq futures were up 0.24% and Dow futures were higher by 50 points, or 0.14% to 36,432, on pace for a new all time high after the index set its first record close since Nov. 8 on Wednesday. Treasury yields trimmed an advance as did the dollar; oil was lower while cryptos rebounded from post-Christmas tax-loss mauling.

Stocks rose after federal health officials, who suggested omicron may cause less suffering than other strains, said virus deaths are declining even as cases increase. In premarket trading, Biogen shares fell more than 6% after Samsung Group denied a Korean media report that the drugmaker was in talks to sell itself to the company. Some other notable premarket movers include:

  • Meme stock Naked Brand (NAKD US) extended gains in post- and pre-market trading, adding to its 15% gain from Wednesday’s session.
  • FuelCell (FCEL US) traded lower in premarket, adding to losses after the company posted fiscal fourth-quarter results. Craig-Hallum analyst Eric Stine raised the recommendation on the stock to hold from sell.
  • Tesla (TSLA) dipped as much as 1.5% premarket after the EV-car maker filed a recall of 356,309 U.S. vehicles saying the rearview camera cable harness may be damaged by the opening and closing of the trunk lid, preventing the rearview camera image from displaying, increasing the risk of a crash, NHTSA says in a statement dated December 21, 2021.

With just two trading sessions left and as the year draws to a close, investors are contemplating the implications of the fast-spreading omicron coronavirus variant, decreasing stimulus and elevated inflation stoked by supply-chain bottlenecks which may get much worse if China is again forced to lock down its key ports. Key questions include whether Treasury yields will push higher and how much impetus is left in the equity bull market.

“Despite global surges in Covid cases, the markets are reflecting the new reality that Covid is here to stay albeit more on our terms than its,” Kevin Philip, managing director at Bel Air Investment Advisors, said in an email. Next year, “we are facing less of a Covid-influenced world, and a return toward normalcy,” he said.

In other covid news, the number of Covid-19 cases soared 32% to a record 1.73 million on Wednesday, marking the third day in a row with more than a million new infections worldwide. Cathay Pacific Airways plans to scrap Hong Kong flights as the city tightens quarantine rules for aircrew. Meanwhile, countries including Italy and Australia are dialing back their Covid curbs in an effort to keep essential services running, support their economies and allow people to connect. More evidence is emerging that omicron may be less dangerous, particularly in vaccinated people, as virus deaths in the U.S. declined.

In Europe, the Stoxx Europe 600 gauge was little changed, with technology shares bouncing back to pare some of Wednesday’s drop. Volumes remain dismal: according to Bloomberg, volume in the Stoxx 600 was 42% below the 100-day average on Wednesday - and that despite the reopening of U.K. markets. On the data front, U.K. house prices again surprised to the upside, with a 1% m/m rise according to Nationwide.

China’s CSI 300 index climbed on expectations of more steps to bolster economic growth amid an extension of some personal income-tax breaks and calls for policy easing. In Hong Kong, artificial intelligence giant SenseTime Group Inc. jumped on its first day of trading. MSCI Inc.’s overall Asia-Pacific index edged lower.

Asian stocks edged lower on the last trading day this year for several markets as investors weighed the spread of the coronavirus.  The MSCI Asia Pacific Index fell as much as 0.3%. The consumer discretionary sector was the biggest drag on the measure, with Alibaba and Sony among those contributing the most to the drop. Japan, South Korea, Taiwan, Thailand and Indonesia will be shut Friday for new year holidays. “There’s no reason to dump stocks but then, not much reason to buy them either,” said Yasuhiko Hirakawa, head of an investment department at Rakuten Investment Management in Tokyo. “What will happen to virus infection figures in January is on people’s minds while worry over China Evergrande’s problems continues to linger.”   Cathay Pacific Airways said it plans to scrap some passenger flights to and from Hong Kong as the city tightens quarantine rules for aircrew. Australia’s most populous state posted a record number of daily infections, while severe cases reached a high in South Korea. Benchmarks in South Korea and Japan were among the region’s biggest losers for the day, while China’s CSI 300 outperformed. “Liquidity is thin with not a lot of participants in the market and prices are likely to be swayed by futures trading,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Solid performance in Chinese equities will support investor appetite amid a lack of any other fresh leads, he added. 

Japanese equities fell in the last trading session of 2021 but managed to lock in their third-straight annual gain. Electronics makers and service providers were the biggest drags on the Topix, which closed 0.3% lower, paring an earlier loss of as much as 0.9%. Fast Retailing and Terumo were the largest contributors to a 0.4% loss in the Nikkei 225. The Topix finished the year with a gain of 10%, while the Nikkei 225 advanced 4.9%. While far behind the 28% jump in the S&P 500, Japanese stocks outperformed regional peers, with the MSCI Asia Pacific Index headed for a loss of over 4% on the selloff in Hong Kong shares

In rates, Treasuries advanced, led by the belly and European bonds were mostly higher; the 10-year Treasury yield pared an advance to drop back toward its 50-day moving average; the benchmark bond remained higher after retracing a portion of Wednesday’s selloff, though 7- to 30-year yields remain above 50-DMA levels which they closed above for first time in weeks. Euro-area bonds also gained, even as most European stock benchmarks and U.S. equity index futures advanced. Japanese government bonds decline across the curve on the last trading day of the year. The yen dropped a second day to touch a one-month low.

In FX, a dollar gauge rose only to reverse all gains as the US session neared. The euro dropped from a one-month high, to touch $1.13, ahead of phone talks between U.S. and Russian leaders amid tensions over Ukraine. Cable dropped after earlier touching an almost six-week high; gilts advanced in line with Treasuries. The Australian dollar steadied near a five-week high against the greenback. Australia’s yield curve bear-steepened following a sell-off of in Treasuries. Iron ore halted a three-day decline and resurfaced above $120 a ton on potential support from restocking by China’s steel mills.

In commodities, iron ore halted a three-day decline and resurfaced above $120 a ton on potential support from restocking by China’s steel mills. Crude oil edged lower after its longest run of gains since February, as the market weighed a series of supply outages against smaller quotas in China, the world’s largest crude importer. West Texas Intermediate traded near $76 a barrel after a 12% jump over six sessions. Brent is heading into the end of the year near $80 a barrel, though volumes over the holiday period have been subdued. Crude was pressured Thursday as China cut the amount of import quota awarded to private refiners and favored complex processors as it seeks to reform the sector. Beijing granted 109 million tons, 11% less than last year, in the first batch for 2022, according to officials from companies that received notification of the allowances. The dollar also climbed, at least initially, making commodities priced in the currency relatively more expensive.

On today's calendar we get initial and continuing claims as well as the Chicago PMI.

Market Snapshot

  • S&P 500 futures up 0.1% to 4,790.75
  • STOXX Europe 600 up 0.3% to 489.37
  • MXAP down 0.3% to 191.84
  • MXAPJ down 0.1% to 623.75
  • Nikkei down 0.4% to 28,791.71
  • Topix down 0.3% to 1,992.33
  • Hang Seng Index up 0.1% to 23,112.01
  • Shanghai Composite up 0.6% to 3,619.19
  • Sensex little changed at 57,803.64
  • Australia S&P/ASX 200 little changed at 7,513.37
  • Kospi down 0.5% to 2,977.65
  • Brent Futures down 0.4% to $78.91/bbl
  • German 10Y yield little changed at -0.20%
  • Euro down 0.4% to $1.1302
  • Gold spot down 0.3% to $1,800.04
  • U.S. Dollar Index up 0.29% to 96.21

Top Overnight News from Bloomberg

  • “All switches are on track to end the remaining bond buying by the end of next year. And when that is done, the policy rate can go up early 2023,” ECB Governing Council member Klaas Knot is cited as saying in interview with Dutch Trouw newspaper
  • “We are careful” on inflation and the risks to the forecasts “are not only upwards,” ECB Governing Council member Ignazio Visco says in an interview with La Stampa daily on Thursday
  • Mario Draghi’s government has won lawmakers’ support for a 32 billion-euro ($36 billion) budget plan for next year aimed at supporting Italy’s growth
  • Italy has eased coronavirus quarantine rules and imposed a vaccine mandate for most activities in a bid to keep essential services running, after the country recorded a record number of cases for consecutive days.
  • Spain’s consumer price inflation rose 6.7% from a year earlier in December, faster than the 5.7% predicted by economists in a Bloomberg survey
  • Two doses of Johnson & Johnson’s Covid-19 vaccine slashed hospitalizations caused by the omicron variant in South Africa by up to 85%, a critical finding since the shot is being increasingly relied upon across the continent, researchers said
  • Hungary delivered the seventh interest-rate increase in as many weeks in a monetary tightening campaign that has so far failed to shore up the country’s battered currency. The forint rose
  • The cost of borrowing money in Turkey is surging, a sign that President Recep Tayyip Erdogan’s policy of driving down interest rates is starting to backfire
  • China faces “unprecedented” difficulty in stabilizing trade next year as favorable conditions that boosted export growth this year won’t be sustainable, according to a commerce ministry official

US Event Calendar

  • 8:30am: Dec. Continuing Claims, est. 1.87m, prior 1.86m
  • 8:30am: Dec. Initial Jobless Claims, est. 206,000, prior 205,000
  • 9:45am: Dec. MNI Chicago PMI, est. 62.0, prior 61.8
Tyler Durden Thu, 12/30/2021 - 08:03

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What Follows US Hegemony

What Follows US Hegemony

Authored by Vijay Prashad via thetricontiental.org,

On 24 February 2023, the Chinese Foreign Ministry released a…

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5 hours ago

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March 20, 2023

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What Follows US Hegemony

Authored by Vijay Prashad via thetricontiental.org,

On 24 February 2023, the Chinese Foreign Ministry released a twelve-point plan entitled ‘China’s Position on the Political Settlement of the Ukraine Crisis’.

This ‘peace plan’, as it has been called, is anchored in the concept of sovereignty, building upon the well-established principles of the United Nations Charter (1945) and the Ten Principles from the Bandung Conference of African and Asian states held in 1955. The plan was released two days after China’s senior diplomat Wang Yi visited Moscow, where he met with Russia’s President Vladimir Putin.

Russia’s interest in the plan was confirmed by Kremlin spokesperson Dmitry Peskov shortly after the visit: ‘Any attempt to produce a plan that would put the [Ukraine] conflict on a peace track deserves attention. We are considering the plan of our Chinese friends with great attention’.

Ukraine’s President Volodymyr Zelensky welcomed the plan hours after it was made public, saying that he would like to meet China’s President Xi Jinping as soon as possible to discuss a potential peace process. France’s President Emmanuel Macron echoed this sentiment, saying that he would visit Beijing in early April. There are many interesting aspects of this plan, notably a call to end all hostilities near nuclear power plants and a pledge by China to help fund the reconstruction of Ukraine. But perhaps the most interesting feature is that a peace plan did not come from any country in the West, but from Beijing.

When I read ‘China’s Position on the Political Settlement of the Ukraine Crisis’, I was reminded of ‘On the Pulse of Morning’, a poem published by Maya Angelou in 1993, the rubble of the Soviet Union before us, the terrible bombardment of Iraq by the United States still producing aftershocks, the tremors felt in Afghanistan and Bosnia. The title of this newsletter, ‘Birth Again the Dream of Global Peace and Mutual Respect’, sits at the heart of the poem. Angelou wrote alongside the rocks and the trees, those who outlive humans and watch us destroy the world. Two sections of the poem bear repeating:

Each of you, a bordered country,
Delicate and strangely made proud,
Yet thrusting perpetually under siege.
Your armed struggles for profit
Have left collars of waste upon
My shore, currents of debris upon my breast.
Yet today I call you to my riverside,
If you will study war no more. Come,
Clad in peace, and I will sing the songs
The Creator gave to me when I and the
Tree and the rock were one.
Before cynicism was a bloody sear across your
Brow and when you yet knew you still
Knew nothing.
The River sang and sings on.

…

History, despite its wrenching pain
Cannot be unlived, but if faced
With courage, need not be lived again.

History cannot be forgotten, but it need not be repeated. That is the message of Angelou’s poem and the message of the study we released last week, Eight Contradictions of the Imperialist ‘Rules-Based Order’.

In October 2022, Cuba’s Centre for International Policy Research (CIPI) held its 7th Conference on Strategic Studies, which studied the shifts taking place in international relations, with an emphasis on the declining power of the Western states and the emergence of a new confidence in the developing world. There is no doubt that the United States and its allies continue to exercise immense power over the world through military force and control over financial systems. But with the economic rise of several developing countries, with China at their head, a qualitative change can be felt on the world stage. An example of this trend is the ongoing dispute amongst the G20 countries, many of which have refused to line up against Moscow despite pressure by the United States and its European allies to firmly condemn Russia for the war in Ukraine. This change in the geopolitical atmosphere requires precise analysis based on the facts.

To that end, our latest dossier, Sovereignty, Dignity, and Regionalism in the New International Order (March 2023), produced in collaboration with CIPI, brings together some of the thinking about the emergence of a new global dispensation that will follow the period of US hegemony.

The text opens with a foreword by CIPI’s director, José R. Cabañas Rodríguez, who makes the point that the world is already at war, namely a war imposed on much of the world (including Cuba) by the United States and its allies through blockades and economic policies such as sanctions that strangle the possibilities for development. As Greece’s former Finance Minister Yanis Varoufakis said, coups these days ‘do not need tanks. They achieve the same result with banks’.

The US is attempting to maintain its position of ‘single master’ through an aggressive military and diplomatic push both in Ukraine and Taiwan, unconcerned about the great destabilisation this has inflicted upon the world. This approach was reflected in US Defence Secretary Lloyd Austin’s admission that ‘We want to see Russia weakened’ and in US House Foreign Affairs Committee Chairman Michael McCaul’s statement that ‘Ukraine today – it’s going to be Taiwan tomorrow’. It is a concern about this destabilisation and the declining fortunes of the West that has led most of the countries in the world to refuse to join efforts to isolate Russia.

As some of the larger developing countries, such as China, Brazil, India, Mexico, Indonesia, and South Africa, pivot away from reliance upon the United States and its Western allies, they have begun to discuss a new architecture for a new world order. What is quite clear is that most of these countries – despite great differences in the political traditions of their respective governments – now recognise that the United States ‘rules-based international order’ is no longer able to exercise the authority it once had. The actual movement of history shows that the world order is moving from one anchored by US hegemony to one that is far more regional in character. US policymakers, as part of their fearmongering, suggest that China wants to take over the world, along the grain of the ‘Thucydides Trap’ argument that when a new aspirant to hegemony appears on the scene, it tends to result in war between the emerging power and existing great power. However, this argument is not based on facts.

Rather than seek to generate additional poles of power – in the mould of the United States – and build a ‘multipolar’ world, developing countries are calling for a world order rooted in the UN Charter as well as strong regional trade and development systems. ‘This new internationalism can only be created – and a period of global Balkanisation avoided’, we write in our latest dossier, ‘by building upon a foundation of mutual respect and strength of regional trade systems, security organisations, and political formations’. Indicators of this new attitude are present in the discussions taking place in the Global South about the war in Ukraine and are reflected in the Chinese plan for peace.

Our dossier analyses at some length this moment of fragility for US power and its ‘rules-based international order’. We trace the revival of multilateralism and regionalism, which are key concepts of the emerging world order. The growth of regionalism is reflected in the creation of a host of vital regional bodies, from the Community of Latin American and Caribbean States (CELAC) to the Shanghai Cooperation Organisation (SCO), alongside increasing regional trade (with the BRICS bloc being a kind of ‘regionalism plus’ for our period). Meanwhile, the emphasis on returning to international institutions for global decision-making, as evidenced by the formation of the Group of Friends in Defence of the UN Charter, for example, illustrates the reinvigorated desire for multilateralism.

The United States remains a powerful country, but it has not come to terms with the immense changes taking place in the world order. It must temper its belief in its ‘manifest destiny’ and recognise that it is nothing more than another country amongst the 193 members states of the United Nations. The great powers – including the United States – will either find ways to accommodate and cooperate for the common good, or they will all collapse together.

At the start of the pandemic, the head of the World Health Organisation, Dr Tedros Adhanom Ghebreyesus, urged the countries of the world to be more collaborative and less confrontational, saying that ‘this is the time for solidarity, not stigma’ and repeating, in the years since, that nations must ‘work together across ideological divides to find common solutions to common problems’.

These wise words must be heeded.

Tyler Durden Sun, 03/19/2023 - 23:30

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Royal Caribbean Officially Makes Controversial Change

The cruise line has made a controversial change that some passengers will love while others will be angry.

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18 hours ago

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March 19, 2023

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The cruise line has made a controversial change that some passengers will love while others will be angry.

During the early days of the cruise industry's comeback from the covid pandemic, Royal Caribbean outlawed smoking in the casino. At the time, the Centers for Disease Control (CDC) required passengers to wear masks in public areas of the ship except when eating or drinking while stationary.

Smoking was, at first, a sort of loophole. People would smoke in the casino and remove their masks (or at least move them to the side) while playing slot machines. That basically meant that unlike drinking, where your mask could be moved and then replaced for a sip, smokers were essentially not wearing a mask.

DON'T MISS: Carnival Cruise Line Comments on a Possible (Very) Adult Change

Royal Caribbean (RCL) - Get Free Report closed that loop by fully outlawing smoking in its casinos while masks were still required. That was something that smokers weren't happy about, but probably understood given how large a role the CDC was playing in setting cruise ship rules.

Once the CDC stopped requiring masks (and regulating cruise ships at all), Royal Caribbean reverted to its pre-pandemic smoking policies. That meant that every casino on its ships had a smoking section. Technically, smoking is only allowed when actually playing a slot machine, but that's hard to enforce and the casinos quickly filled back up with smoke.

Now, the cruise line has officially made a long-rumored move that should make non-smokers really happy while angering a whole different group of the cruise line's passengers.

Image source: Matt Cardy/Getty Images

Oasis-Class Ships Getting Non-Smoking Area

Wonder of the Seas, the newest member of Royal Caribbean's Oasis class was originally built to sail out of China. It was moved to Florida due to the covid pandemic which created a sort of happy accident for non-smokers.

The ship was built with a secondary casino that was originally intended as a high rollers room. Once the ship was repurposed to sail from the United States, that smaller casino was shifted from an area designed to cater to big-money players into a non-smoking casino.

For months, it has been rumored that the cruise line would turn the "Jazz on 4" space -- the same location as the non-smoking "Golden Roon" on Wonder of the Seas -- into similar non-smoking casinos. Royal Caribbean never commented on those rumors, but it did warn passengers on some sailings that service in the Diamond Lounge, an area next to Jazz on 4 reserved for Diamond and higher members of the company's loyalty program, would be disrupted due to construction.

The results of that construction have been revealed on another Oasis-class ship, Harmony of the Seas. Johnny Travalor shared pictures of the new casino in a Facebook group for fans of Royal Caribbean's casinos.

"The brand new non-smoking casino on Harmony officially opened today and I have been here since the opening playing, donating!" he shared.

That's not official confirmation that all Oasis-class ships will have Jazz on 4 turned into a non-smoking casino, but all signs point in that direction.

Royal Caribbean Makes Some Passengers Mad

No change on a cruise ship will make all passengers happy. Some Royal Caribbean gamblers have suggested that the non-smoking area, which is much smaller than the original casino, should be the smoking area.

"Maybe once they see the non-smokers are bursting at the seam in that space and the smoking casino isn’t as crowded they will reverse it," Barb Boyer Green shared.

"That should be the smoking room...seems like the non-smokers are being put in a closet," Maureen Ethier added.

Not all passengers, however, are upset because of the size of the non-smoking area. Some are lamenting the loss of Jazz on 4, which hosted live jazz music.

"I think this is an overall loss, with now an entertainment area being taken over on this ship. I always enjoyed the jazz club and this will do nothing for the smell of the ship, net loss for all passengers" Justin Rogers wrote.

"It was our fav such a sad day. It was our escape, great talent, romantic, not another venue like it. Such a shame," added Julia Doumad.

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The limits of expert judgment: Lessons from social science forecasting during the pandemic

A sobering picture emerges from a study testing social scientists’ ability to predict societal change during the COVID-19 pandemic.

Published

21 hours ago

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March 19, 2023

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To find out how well social scientists can predict societal change, researchers ran the largest forecasting initiative in the field’s history. Here’s what they found. (Shutterstock)

Imagine being a policymaker at the beginning of the COVID-19 pandemic. You have to decide which actions to recommend, how much risk to tolerate and what sacrifices to ask your citizens to bear.

Who would you turn to for an accurate prediction about how people would react? Many would recommend going to the experts — social scientists. But we are here to tell you this would be bad advice.

As psychological scientists with decades of combined experience studying decision-making, wisdom, expert judgment and societal change, we hoped social scientists’ predictions would be accurate and useful. But we also had our doubts.

Our discipline has been undergoing a crisis due to failed study replications and questionable research practices. If basic findings can’t be reproduced in controlled experiments, how confident can we be that our theories can explain complex real-world outcomes?

Predicting social change

To find out how well social scientists could predict societal change, we ran the largest forecasting initiative in our field’s history using predictions about change in the first year of the COVID-19 pandemic as a test case.

To do this, we tested how well social scientists could predict societal change in two ways. First, we asked social scientists for quick guesses about how things would change over the next two years of the pandemic.

Second, we ran a competition where over 100 teams of social scientists with access to historical data made month-by-month forecasts. We formally assessed their predictions for a range of social sciences phenomena, including changes in prejudice, subjective well-being, violence, individualism and political polarization between May 2020 and May 2021.

Forecasting errors when social scientists were predicting social and psychological consequences of COVID-19.
Results of the social science forecasting tournaments by the Forecasting Collaborative conducted during the 2020-2021 years of the COVID-19 pandemic. (Igor Grossmann)

Our findings, detailed in peer-reviewed papers in Nature Human Behaviour and in American Psychologist, paint a sobering picture. Despite the causal nature of most theories in the social sciences, and the fields’ emphasis on prediction in controlled settings, social scientists’ forecasts were generally not very good.

In both papers, we found that experts’ predictions were generally no more accurate than those made by samples of the general public. Further, their predictions were often worse than predictions generated by simple statistical models.

Improving predictions

Our studies did still give us reasons to be optimistic. First, forecasts were more accurate when teams had specific expertise in the domain they were making predictions in. If someone was an expert in depression, for example, they were better at predicting societal trends in depression.

Second, when teams were made up of scientists from different fields working together, they tended to do better at forecasting. Finally, teams that used simpler models to generate their predictions and made use of past data generally outperformed those that didn’t.

These findings suggest that, despite the poor performance of the social scientists in our studies, there are steps scientists can take to improve their accuracy at this type of forecasting.

An infographic of the map of the world with blue dots indicating where participants in the World after COVID were from
Results of the World after COVID project documenting the diversity and uncertainty in predictions of the social and psychological consequences of the pandemic among members of the world’s scientific community. (Igor Grossmann)

Our research also found that, compared to lay people, social scientists were more aware of the herculean nature of the task at hand. In our studies, they expressed uncertainty and less confidence than lay people when making forecasts.

Similarly, social scientists expressed uncertainty in their open-ended predictions for the World after COVID project, a video series we conducted with eminent scholars in the first year of the pandemic.

Thus, social scientists still have some wisdom to offer, reminding us of the uncertainty and the need for humility when forecasting the future.

A call to action

Our work highlights the importance of developing reliable sources of data and suggests strategies that can improve the accuracy of such forecasts.

These results are a call to action for the scientific community to continue developing better methods for predicting societal change so the public can rely on scientists in times of crisis.

Our projects show that expert prediction of societal change during the COVID-19 pandemic was far from perfect. But they also suggest ways such predictions can be improved. By drawing on specific expertise, collaborating across disciplines and making data-driven models, social scientists can produce more accurate and useful forecasts for policymakers and the public.

The scientific community should strive to develop better methods for predicting societal change, while acknowledging the uncertainty and complexity involved. Policymakers should appreciate the value of expert insight, but also be aware of its limitations and potential biases. If we want to predict the future, or shape it for that matter, than a bit of humility would likely help.

Igor Grossmann receives funding from the Social Sciences and Humanities Research Council of Canada, Ontario Ministry of Research, Innovation and Science, The John Templeton Foundation, and the Templeton World Charity Foundation.

Cendri Hutcherson receives funding from the Social Sciences and Humanities Research Council of Canada, the Natural Sciences and Engineering Research Council of Canada, the Canada Foundation for Innovation, the Ontario Ministry of Research and Innovation, and the National Institutes for Mental Health (USA).

Michael Varnum has received funding from the National Science Foundation (USA), the US Fulbright Program, and the China Postdoctoral Science Foundation.

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