A chart from Market Monetarist:
And one from James Bullard (that’s US PCE below):
Caveats related to commodity prices, the ECB’s actual inflation target, the differing time series, NGDP, etc… are understood but feel free to mention them anyways.
In other news, Jean-Claude Trichet is apparently on his way to the Peterson Institute this Thursday to be celebrated for something or other.
A few good central bankers – FT Alphaville