[scottjad]

> Once the central bank said that inflation would be 2%

This article is confusing. It makes it sound like NZ set a target of 2% inflation, when in actuality they set a target range of 0-2%, so 2% was the ceiling not the target.

https://www.rba.gov.au/publications/confs/2018/mcdermott-wil... figure 1 and table 1 makes it more clear.

Naturally central bankers have been happy to turn a ceiling into a target/floor.