Wendy,
I have seen Fed folk saying they will tighten until inflation is projected or on trend to go to 2%.
I have seen Fed folk saying rates will need ‘to remain high’ until inflation is 2%.
But I don’t recall any of them saying they would tighten until inflation is 2%. Perhaps I have missed something. Do you have a source for this?
For example:
https://www.bloomberg.com/news/articles/2022-06-01/fed-s-daly-comfortable-raising-rates-until-inflation-tamed
“The Federal Reserve should tighten policy until inflation begins trending down toward its 2% goal, San Francisco Federal Reserve Bank President Mary Daly said”
https://www.reuters.com/article/usa-fed-barkin-idUKKBN2Q80FO
“The U.S. Federal Reserve must lift interest rates to a level that restrains economic activity and keep them there until policymakers are “convinced” that inflation is subsiding, Richmond Fed President Thomas Barkin told the Financial Times on Tuesday.”