If you're a believer that the Federal Reserve is data driven when determining US monetary policy, then the Federal Reserve is in a bit of a quandary.
As Stanley Fischer, the Vice Chairman of the Federal Reserve points out in a recent interview (2:30 in), we're years away from that target.
"Our target is 2% inflation, we're not there yet. We need to be confident that over the course of time, a couple of years, inflation will return"
Given that the labor force participation rate has plummeted, if the Fed truly is data dependent, we'll likely see QE before we see rate hikes.
Sorry Janet, you're on your own with this one - the hero is on a book tour.