You know, it's not even intentional inflation. What the Fed is doing isn't creating inflation, it's moderating inflation downwards. Inflation simply happens through regular economic activities even if the government isn't involved. People borrow and spend their savings faster and faster, that's inflation. What the Fed is doing is like a PID control loop that hits the brakes when the economy is overheating. It needs 2% inflation as a buffer to achieve negative real interest rates. If arbitrary negative real interest rates were possible then the Fed could do price level targeting instead of inflation rate targeting and even in the latter the desired inflation rate could simply be 0% but any inflation shocks are permanent.