What the Fed really said

 

That the next five years will be like 2010 to 2015.  They simply stated we will be repeating a period of defltionary force.

The crap about inflation targeting was code word for high Fed taxes.

Also note, that if we complete the sequence without covid, we likely would be in a mild recession anyway.

The Fed change in program has nothing to do with inflation or employment.  It is all about keeping Treasury interest payments functioning.  That has always been the Feds concern since the Nixon Shock.  The real target since 1980 has been the one year Treasury, there is no faking the charts on that.

We have a useless dual mandate, and the Fed knows it so code words and fakery are the order of the day.