I completely agree with you that it is too high and way higher than 2% but first of all, it seems like the FED is more into the 2%ish camp than the under 2% one. And just with base effects, we should be udner 2% soon enough if it does not pick back up.
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Two things, the Fed us definitely in the 2% camp. They do not want a flat rate. I don't have any faith that inflation will be under 2%, why would it? Interest rates have been much higher in previous years and it seems they're champing at the bit to reduce them at first chance possible. Plus, I don't see any changes in fiscal policy (no reducction in spending). We'll see.