Chairmen Powell:

I SAID 2%

not 2.5

not 2.1

But 2% DANG IT

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Discussion

The Federal Reserve's stated goal was changed from "2%" to "an average of 2%". This is one of the few official policy changes they have made since they started in 1913.

They had 0% for years, which is included in calcuating that average, so they'll keep it above 2% for as long as the can.

Oh, shit.