For better or worse, it's pretty clear what unemployment rate they'll use as the Labor Department publishes this every month and, though it has its share of quirks (e.g., the official jobless rate went down last month as the number of employed people fell), when the Fed says they'll keep monetary policy super-easy until the unemployment rate falls below 6.5 percent, at least everyone knows what that means.

But, their new inflation target is a different, squishy thing that, per the policy statement, has two components -- their own future projections for consumer prices and the meaning of the phrase "well anchored".

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