That chart was presented by St. Louis Fed President James Bullard and it shows where he sees “the sufficiently restrictive zone” for the central bank’s main policy rate target.
Bullard put the zone somewhere between 5% to 7%
Bullard’s zone was based on estimated policy levels recommended by Taylor-type rules
Inflation may improve at times. The point is we aren’t going back to the halcyon days of 1% and 2% inflation for years
John Mauldin 23 September 2022