Xmas present for central bankers

Today’s graph from Goldman Sachs is a little present for central bankers to put under the Xmas tree. It shows indeed that their restrictive monetary policies by raising rates aggressively have shown effects. Core inflation, excluding the most volatile parts of inflation like energy, in the G10 countries ( ex Japan ) and DM markets raising early is back to normal levels as we approach the end of the year. While the situation remains fluid and the central bankers will need to stay vigilant, it looks like there has not been a monetary policy error so far.