It only means they are not even going to discuss changing the 2% target as a part of their periodic review of their policy playbook. They will still care at least as much, if not more about inflation than they do about the labor market. (2/2)

Sure, perhaps it didn't show up because it was counteracting a deflationary impulse, but the new ingredients in the present inflation equation were fiscal and supply-chain-related, followed by embedded/un-anchored consumer expectations. (2/2)

2/ Noise aside, though, initial claims have been slightly above year-ago levels since late summer, consistent with a very small increase in layoffs.