“I will tell you that if the 2% inflation figure gets out of this room,” he warned, “it is going to create more problems for us than I think any of you might anticipate.” The official minutes of the meeting make no reference to the entire discussion of the inflation target, which took up several hours, and the FOMC never formally announced its 2% target for annual inflation until Chairman Ben Bernanke, Yellen’s predecessor, finally did so in 2012.