Well, by the standard that economists used to use, yes, U3 being 3.6% should be associated with high inflation because it should be much better than full employment.

Congresswoman Ocasio-Cortez asked Fed Chair Powell about this at a recent hearing, and Powell said that it meant that the economists (including him) were wrong about the relationship between unemployment and inflation. That has led many to wonder if "full employment" (something economists technically call NAIRU- non-accelerating inflation rate of unemployment, meaning that full employment was the lowest unemployment consistent with stable prices) is a real thing or not, if that was another thing that is no longer operative in our current economy.