It´s not only Stanley Fischer, but many others at the FOMC that express ‘confidence’ about inflation moving up to the 2% target (ceiling?).
That would be a ‘miracle’ given the behavior of NGDP since January 2011. Both on a YoY basis and on the much smoother accumulated over 12 months basis, NGDP growth has averaged 3.8%, with a recent tendency to decline. It´s more likely that inflation will go lower, not higher.
The rate hike “threat” that has been going on for more than one year has noticeably tightened monetary policy, and is reflected in the downtrend in NGDP growth. If they were smart they would loosen monetary policy even with rates remaining at “zero”. Instead of continuously threatening to raise rates, they could promise a higher level of NGDP!
PS If the Fed continues “threatening” it will likely move up the date of the next recession!