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Know the enemy

According to #suntzu (the art of war) “If you know neither the enemy nor yourself, you will succumb in every battle”. And as you can see in the chart below, the #Ecb staff doesn’t know the enemy, in this case, #inflation, and doesn’t know thyself, since it keeps projecting the reversal of eurozone #cpi to the desired 2%, in an increasingly impossible path. This public exercise may be done to justify the delay in taking action to raise rates, or reduce its balance sheet. In any event, there is an incredible cost in terms of their credibility. And now, it’s highly likely they will overshoot to other side, in their attempt to catch up.

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