If Britain continues to undershoot its quota, there could be a milk producers' free-for-all.
Such action, if effective, would also slow the economy and might cause inflation to undershoot its target.
Then it became clear that the cost of the system would cause the company to undershoot analysts' forecasts.
And although the Fed set an inflation target of 2% in January, many Fed officials apparently expect to undershoot it between now and 2014.
No surprise, then, that Mitsubishi Corp. earned just 4% on its equity in the year through March 1997 and expects to undershoot its 6% target for the year just ended.
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".
"We all know markets are not particularly rational and overshoot or undershoot and wipe billions of dollars off market cap off indices over what we think is a misreading of various data points, " he said.
Among the risks that worry them are that his growth forecasts will undershoot again, which would further undermine the government's fiscal position at a time when it can ill afford either to cut spending or raise taxes further.
In September last year the IMF said: "If activity were to undershoot current expectations, countries that face historically low yields (such as Germany and the UK) should also consider delaying some of their planned adjustment, " ie the speed of cuts.
There is some evidence that share prices undershoot fair value in the short term (as investors are slow to react to individual pieces of good or bad news) but over-react in the medium term (extrapolating present trends, like Buzz Lightyear, to infinity and beyond).
To most practitioners it would appear that the accelerated undershoot of the euro that was taking place prior to intervention was precisely fuelled by position-taking on the assumption that the monetary authorities had no stomach for co-ordinated intervention (too close to America's election).
That undershoot was largely due to lower-than-expected spending on social security payments, which departments cannot easily control (though the Secretary of State for Welfare and Pensions would say he has helped to keep unemployment down.) But ministers have also over-delivered when it comes to squeezing administrative budgets.
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