Europe Inflation Forwards Ignore Rally in Oil Prices: Chart

As European Central Bank President Mario Draghi reviews monetary policy today, he will take a close look at inflation forwards, which have stayed depressed even as oil prices stage a sharp recovery. Forwards have remained largely unresponsive to recent improvement in macroeconomic data, showing lack of conviction in the central bank’s reflation efforts. The log of crude chart highlights the divergence from the forward inflation swap.

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