The Fed's target in 2019 was 2%. 7% is high, but if it weren't for Russia and decreased in 2022, I'd argue they did a decent job. They had no idea how big of a hole lockdowns left and the price increases from supply chain issues would cause. They overshot their target, but they also wanted to overshoot rather than undershoot.

Congress and public policy is where the ball was dropped. Most of the Europe did a better job maintaining work stability by distributing subsidies through employers rather than cash to individuals. It meant that when lockdowns eased, workers were ready.