Back in March, we mocked the ECB's inflation forecasts [2]with a post titled "Mario Draghi Reveals Biggest. Hockeystick. Ever!", which highlighted the ECB's ridiculous expectation that inflation would soar from 0.0% in 2015 to 2016. We though no other hockeystick could possibly surpass this.
We were wrong.
Behold the ECB's latest inflation expectations. Something to note: in March 2014, full year inflation for 2015 was expected to be 1.3%. 18 months later it is 0.1%. But don't worry, the ECB will be spot on with its forecast of 1.1% inflation in 2016 (this was 1.5% 6 months ago), and 1.7% in 2017. Just you wait.
[3]
Source: the former Goldman vice chairman currently in charge of the ECB's money printer
