It sure seems that way to read Drum and Yglesias although both caveat their posts by saying that they'd like to see even higher inflation targets. At a minimum this might mitigate our upcoming austerity bomb (aka the erroneously named "fiscal cliff") but an even better scenario would be that this gets combined with the new stimulus program that Obama is pushing for as part of that debate.

The Fed could have done what they're doing here at any time but so far they've chosen not to. The timing sure feels like they were waiting for the election to get settled. I have to admit that if Romney had won and then the Fed did this i'd be screaming bloody murder.

I'll update this post when Krugman reacts, but i suspect he'll say "this is good but we need fiscal stimulus" which is what he's been saying all along.