Nowcasts are a type of forecast and thus are always subject to considerable uncertainty and imprecision. After all, we are using a very small number of series (ten) and simple statistical techniques to make informed guesses about economic indicators before they are released. By contrast, the official data releases are usually the product of tens of thousands of observations, powerful computational techniques, and a very large number of hours worked. On average, the model’s nowcasts tend to be more precise than a range of competing nowcasts, but the outperformance is not absolute. The accuracy of each individual nowcast depends on a range of factors, including the measure under consideration and the point in the month or quarter that the nowcast is being made. On average, nowcasts made with more information later in a month or quarter tend to be more accurate. But shocks are ever-present that can push inflation away from the nowcasted value, especially if they occur to inflation components that we do not try to model.