Given that dual mandate, the structure of the economy, and the magnitude and frequency of typical economic disturbances, I would anticipate that when inflation deviates from the objective in the short term, it could be brought back to 2 percent within two to three years or less. But the timing would depend on the size and nature of the shocks to the economy.
If policymakers viewed that alternative path as appropriate and market participants came to share that view, then financial conditions would become significantly more accommodative, even in the absence of any change in the current level of the funds rate.