I’ve never seen the Fed say this, but maybe I am being too particular and literal. However, the Fed is very careful in their wording and they are careful in a very intentional way.
@WendyBG
Can you provide a link to a quote from the Fed or from Powell that conveys what I have bolded above?
My point is the Fed has never said that inflation needs to get to a specific number (y%) before the Fed will take a specific action (raise, pause, cut). Although maybe I missed it.