Fed's Powell Says It Will Take Time to Move Up Inflation

The video discusses the challenges of raising inflation amidst global disinflationary pressures. It explains the adoption of a flexible average inflation targeting framework and the commitment to maintaining accommodative policies until inflation reaches and exceeds 2%. The video also highlights the historical context of long economic expansions due to low inflation and the Federal Reserve's approach to not preemptively raising rates.

What does the text suggest about the potential for long expansions in the economy?

What commitment is made regarding the interest rates until inflation reaches 2%?