The most recent example of this in U.S. financial markets is the Fed taper. Before the Fed taper talks, the general expectation was that quantitative easing would continue into the indefinite future and that there would be no premature tightening. As a result, the stock market seemed very resilient because there were expectations of strong growth conditional on Fed easing. The Fed misinterpreted these expectations as independent of the Fed's policy of QE and decided to tighten.
However, fiscal authorities can also face the same circularity problem. If an economy is highly dependent on government spending, then real economic conditions may be determined conditional on expected future fiscal easing. And if the fiscal authority sees the strong current economic conditions as a justification for austerity, then this too may cause a fall in growth in the same way that a premature monetary contraction can slow growth.
The Chinese government is currently facing this fiscal policy circularity problem. In an interview on June 18th with the IMF mission chief for China Markus Rodlauer, he notes that high frequency data such as retail sales, investment growth all point to moderate growth. Even thought the PMI may have faltered a little bit, it's well within historical ranges. Rodlauer takes this and makes the conclusion that there's really no need for stimulus.
While he may be right, it is also likely that the Chinese government could fall into a fiscal circularity problem. Especially since Chinese fiscal policy has the ability to reallocate a large amount of resources, much of business is conducted on the basis of expectations of future government policy. Under these conditions, concluding that economic conditions are strong on the basis of high frequency data may cause the fiscal authority to be too sluggish in responding to a slowdown in growth.