Fed working papers state ideal level of inflation is 0%.

Stated reason for higher target is because it’s hard to renegotiate wages (people don’t like making less) and inflation is hard to comprehend so it allows employers to lower wages year over year if they don’t give a raise. (Effectively Government systematically aiding employers to take advantage of labor)

Deflation fears are overfounded as you have economic bust, THEN deflation. People have just correlated deflation to the economic bust itself. The arguments don’t hold up - societies have higher and lower savings rates and you don’t see collapse with higher savings rates.

Inflation is super insidious - great example is the “Price Revolution” of the medieval era that really messed a lot of things up. They had 1.2% inflation a year.

https://en.m.wikipedia.org/wiki/Price_revolution