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2% is an arbitrary target. According to Volcker in his autobiography its has its origins in an offhand comment in a news story from then RBNZ governor during a

2% is an arbitrary target. According to Volcker in his autobiography its has its origins in an offhand comment in a news story from then RBNZ governor during a bout with inflation that they would be happy if they brought inflation down to about 2%.

newaccount2023 4y ago
nonetheless it is also the number Powell has suggested repeatedly as his target