It would therefore be fundamentally incorrect to characterize inflation targeting (as conducted in practice) as an iron-clad policy rule.
Ben Bernanke, prior to being appointed as Chairman of the Federal Reserve, said that inflation targeting is better thought of as a policy framework, in which policy is “tied down” in the long run by the inflation target (which serves as a nominal anchor for the system), but in which there is also considerable leeway for policymakers to pursue other objectives in the short run.