Fed committed to two percent inflation target; correcting market misperceptions about tolerance for higher inflation.

But I wouldn't say it's in isolation. I tried to describe in my remarks today a point that I made into the oversight committees a couple of weeks ago. I think there was a misimpression by some in financial markets, by some households and businesses that central bankers like me, we set a 2% inflation target, but maybe we were more tolerable of a somewhat higher inflation target. In economics, we'd call that the revealed preference. And so I did have been rational for people to think, well, their inflation targets somewhat higher. What I heard in the last two days, what I've heard in eight and a half weeks is, no. We will deliver the 2% inflation target. That is the committee's definition of price stability.