Yes. They toyed with this when they spent
by ufl (2024-02-27 09:17:38)
Edited on 2024-02-27 09:18:13

In reply to: FWIW, the Fed's website includes an FAQ on the 2% target.  posted by EricCartman

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years trying to get the inflation rate up to their target even with zero interest rates.

Two points: They never came up with a definition of "longer run" and this was to be the (vague) policy when they missed the target on the down side.

I think that discussion is moot. We're back to the "two percent and bygones are bygones" formulation which we've had since they set a numerical target in the 1990's.

Targeting

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