Yes, Powell did say that the Fed plans to keep the fed funds rate at a level that maintains the 2% target for an “extended period” to avoid the rebound that was seen in the 1970s.
Once the Fed is convinced that inflation has stabilized, Powell said that they intend to bring the fed funds rate to a “neutral” rate that neither stimulates nor slows the economy. There was a recent Fed study that spit out a neutral rate of 0.7% but that’s just from a model and not a Fed policy statement.
Wendy