I have liked central bankers’ discussions on inflation at the Jackson Hole symposium.
The ECB confirms that there will be a bit more inflation and that it justifies the implementation of QE
The Fed and the BoE expect an acceleration of the inflation rate in the future because, when this will be the case, it will justify the contemporary implementation of more restrictive policies.
But in all three cases, inflation is non-existent today.
This gives a very weird vision indicating that central banks still do not really understand inflation trigger mechanism. That is why there is no urgency to intervene. It will probably be more effective to intervene a little too late a little too soon.
Note also that 2% inflation is just the what is considered as neutral for central bankers it is the target for every central bank. An inflation rate of 2% is equivalent to price stability. It doesn’t correspond to an inflation rate that diverge with a high risk to go much higher.
Central bankers do not succeed to find a way to converge to the 2% target. Moreover they give the impression that the situation around the target is asymmetric: not so bad below and combat it urgently beyond. Not sure that the asymmetry is desirable when it is accompanied by limited wage growth which affects the dynamics of domestic demand, major source of growth (see here)