Finally, to counter the adverse economic dynamics that could ensue from declines in inflation expectations in an environment where our main policy tool is more frequently constrained, we now explicitly seek to achieve inflation that averages 2 percent over time.
This means that following periods when inflation has been running persistently below 2 percent,  The FOMC’s Statement on Longer-Run Goals and Monetary Policy Strategy, revised in August 2020 and reaffirmed in January, is available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/files/FOMC_LongerRunGoals.pdf. 12 Italics added for emphasis. See Powell, “New Economic Challenges,” p. 11, in note 10.