In what has been heralded as a historic shift in monetary policy, the Fed is relaxing rules on its inflation-targeting strategy. The key takeaway from a technical update to the Fed's "Longer-Run Goals and Monetary Policy Strategy" is that the FOMC now seeks to achieve inflation that "averages 2% over time" compared to explicitly targeting 2% as a long-term anchor. The wording here is important since it implies the group will tolerate inflation above 2% before hiking interest rates whereas in the past a preemptive hike to hold inflation down would have been