Ahead of a week filled with Federal Reserve speeches – including a ‘Fed listens’ event on Friday in Washington – this chart looks at US inflation performance since the end of the financial crisis in 2009. Beginning in 2015, this consumer price index measure has lagged the trendline that assumes 2% annual inflation; little wonder, then, that the central bank’s officials have been discussing ‘make-up’ strategies more and more in recent weeks.

Pierre Ortlieb is Economist at OMFIF.