New data is calling into question whether the U.S. economy will return to the pre-pandemic benchmark of 2% inflation anytime soon. Why it matters: The so-called "last mile" of the Fed's inflation fight was always going to be hard. But at least a few economists think 3% could well become the new normal. Driving the news: February's consumer price figures released yesterday showed that inflation rose 3.2% in the 12 months that ended in February — showing how the road to 2% is getting increasingly bumpy and unpredictable. • "Inflation was able to decelerate from 9% to 3% rather quickly, but the path to the Fed's 2% ... (full story)