basically the article says the fed has some missed time to make up for since we had a period of lower than 2% inflation, well need say for example 3% inflation to make up for that lost infation.
money printer go brrrrrrrrrrrrr
From their Keynesian standpoint, it makes perfect sense. These deflationary periods obviously kick inflation well below 2%. Why worry about slightly overshooting 2% on the upside if it could mitigate the risk of cutting the recovery short?
As far as money printing goes, I'm not sure it matters much. If the economy doesn't recover to 2% inflation (or takes longer to do so than expected) they will keep running their infinite QE program anyway. Money printing is just the norm now. It's not based on the actual money supply, it's based on the state of the markets.