This is unaltered Keynesian claptrap. It is the arrogant over-reach of a model-obsessed academic zealot who has no respect whatsoever for the real main street economy and for the historically proven truth that free markets are the best route to prosperity and higher living standards for the people, not the dictates of central planners.
In claiming the power to manage the microscopic details of the nation’s $18 trillion economy by the month and by the yard, the Yellen Fed has now gone beyond merely instituting some misbegotten labor economist’s version of Keynesian demand management. In fact, when it gets down to insisting that the PCE deflator must rise by at least 2.0%, not 1.4%; or that there is a meaningful difference between 5.5% and 5.2% on flawed metrics like the U-3 unemployment rate; or that the globally impacted trends like the rate of hourly and weekly wage growth are still a few decimal points too low—–what you actually have at that point is an economic putsch.