The central bank made the market-friendly commitment sooner than many top economists anticipated and it’s likely to cheer Wall Street.

The assertion is consistent with the Fed’s new policy framework unveiled last month, which states that officials will no longer preemptively raise rates as unemployment falls to head off a potential spike in inflation. Rather, the Fed will allow inflation to edge above 2% for a time to make up for years of persistently low inflation and to bolster job gains.