Inflation of 2% is a target, not a ceiling, Yellen says.

Policy makers still project three total rate hikes for 2017.

Policy makers still project three total rate hikes for 2017.

Rules created by guidance 'can be easily erased,' Calabria says.

Rules created by guidance 'can be easily erased,' Calabria says.

Inflation expectations have increased 'considerably,' according to the Fed.

Inflation expectations have increased 'considerably,' according to the Fed.

Fed report suggests interest rates will plateau around 1 percent for the next decadelimiting the Fed's ability to use rate cuts to soften the impact of future economic downturns.