St Louis Fed Pres Bullard: New Strategy Is Akin To Price-Level Targeting

St Louis Fed's Bullard, asked at an online event about the Fed's new long-term inflation 'overshoot' strategy, says he expects inflation to pick up (paraphrasing below):

This is something closer to price-level targeting, nominal-level GDP targeting; we're calling it flexible average inflation targeting but it's the same idea...this is something that has come out of that macroeconomic literature...I think this will be quite successful - a lot of people on Wall Street are skeptical, saying you haven't hit 2% before, how will you hit it now? I think we're at a moment where you might see inflation from several sources: a more relaxed central bank that won't pre-emptively tighten policy; huge fiscal deficits, which historically have been inflationary; and possibly bottleneck-type pressures in the economy at a very turbulent time. So think you may see more inflation than we have during the pre-pandemic era when inflation was very quiet.