Three Fed Officials See Advantages to Range for Inflation Target

Three Federal Reserve officials spoke favorably of the idea of a range for the US central bank’s inflation target, rather than the hard target of 2% it currently maintains.

Fed Governors Stephen Miran and Michelle Bowman, as well as Atlanta Fed President Raphael Bostic, all discussed the idea in separate venues this week. Their remarks followed the completion of a once-in-five-years review of the central bank’s policymaking framework in August, in which changes to the inflation target were excluded from the outset.