Read it at Tim Duy's Fed Watch
In other words, they are certainly capable of inducing higher inflation. They just don't because, in their view, 2% is a firm target, and the costs of exceeding that target, or, more importantly, changing that target, are effectively assumed to be infinite and thus by definition exceed any expected benefits.
Ultimately, It's About the Inflation Target
by Tim Duy
Here's the comment I left there.
Tim, what paths or paths (empirically measurable causal transmission mechanism) do you see available to the Fed for increasing inflation. I don't see any that are within the Fed's legal purview. How can the Fed create credible inflationary expectations without the actual ability to do so that people understand. No one i've encountered so far has had an answer to this. David Beckworth came up with some suggestions for implementing Scott Sumners suggestion of NGDP targeting, but they were shot down as beyond the Fed's legal purview.