The Fed statement appears to indicate indirect NGDP (nominal
GDP) targeting. By giving an open-ended commitment to undertake monthly asset
purchases until the labor market improves, the Fed is essentially aiming for a
higher level of output and is not too worried about medium-term inflation
risk.
Here is a nice intro to NGDP targeting for novices -
http://www.economist.com/node/21526886
Here is a nice intro to NGDP targeting for novices -
http://www.economist.com/node/21526886
Sept 13 FOMC Meeting
Bloomberg Report