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.
They were still calling it a "recovery" 10 years after the last crash from the housing crisis and were worried about jeopardizing the "recovery" when we were posting the best employment numbers, stock market numbers and GDP on record. The framing of it as a "recovery" long after it was recovered and was just a flat out booming economy is deceptive and designed to never have to raise interest rates, because the billionaire class in this country is addicted to cheap money and god forbid the Fed ever employ a sound monetary policy for fear of pissing off their republican backers.