Apparently, Kevin Warsh suggested five reforms for the US Fed, one of which is an inflation target “of around 1% to 2%, with a band of acceptable outcomes”.  Since the mid-point of a 1% to 2% target range is 1.5%, he is actually calling for a reduction in the target rate, which would definitely an improvement. Especially with the PCEPI as its target indicator, an index that essentially eliminates upper level substitution bias to be found in other central banks’ indicators, a lower target rate makes a lot of sense.