Comment by carefree-bob

Yes, I think 5% will eventually happen, but I don't think we'll get there before the mid-terms, the Fed moves slowly.

Basically you have an inflation shock and you want the reaction function to be higher, so if inflation is 1% too high, you want a 1.5% or 2% rate hike. If inflation is 1% too low, you want a 1.5% or 2% rate cut. The reaction function has to be greater than the deviation from target, but this gives you price stability, it doesn't require a recession, although it may cause a recession.