The ECB is totally disregarding commodity inflation

When the Federal Reserve looks at the latest inflation numbers, they will see an economy that's heating up because of consumers spending more and confidence rising.

Some Fed members see this chart and see risks of inflation continuing to rise.

But consider this:

Eurozone CPI is on the same trajectory as the US. Prices have risen rapidly in the past 6 months and will continue to rise in the upcoming reports.

The story is commodity inflation, especially oil.

The thing is, it's the same story affecting both the US and the Eurozone but the central banks have totally different responses.

Draghi is on a communications offensive to highlight that the inflation rise is a one-off related to energy.

The Fed, meanwhile, notes some of the same factors but hasn't taken any pains to try to explain that the year-over-year inflation rises will roll off naturally so long as commodity prices stay flat.

At the end of the day, one central bank will misalign policy but it's tough to say which one.