I agree this seems to have been a fairly short period of heightened inflation. I remember the 70s and 80s, too. But between then and now, two percent inflation did happen (plus or minus 1% at worst), and it held over an extraordinarily long period, between 1994 and 2020. That doesn't mean that it was the best level for Fed policy to aim for, but it was achieved.
I agree this seems to have been a fairly short period of heightened inflation. I remember the 70s and 80s, too. But between then and now, two percent inflation did happen (plus or minus 1% at worst), and it held over an extraordinarily long period, between 1994 and 2020. That doesn't mean that it was the best level for Fed policy to aim for, but it was achieved.