Fed's Powell: Does not want inflation to go materially above 2% and return to the bad, old inflation days

Federal Reserve's chairman, Jerome Powell's 60 minutes is being aired. 

Powell said that he does want inflation moderately above 2% for some time but does not want inflation to go materially above 2% and return to the bad, old inflation days.

• Fed's Powell: US economy at an 'inflection point'

There has been no reaction to the interview thus far.

Meanwhile, Fed Vice-chair Clarida echoed Chair Powell's prior comments over the outcome-based nature of the new policy framework, saying they are waiting for "hard numbers."

He said that they don't expect to raise rates until substantial further progress on the goals is met, and that they will communicate as they see progress being made.

The inflation rise this year is seen to be transitory and markets are starting to begrudgingly believe the Fed is in no hurry to raise interest rates.

The strong jobs report was welcome but Clarida said there is still a deep hole.