Many economists argue that raising the target from 2% will result in fewer, and less severe, recessions

Last month David Reifschneider and David Wilcox, former senior staffers at the Fed, said raising the target to 3% “would materially reduce economic volatility.” In their paper for the Peterson Institute for International Economics

https://www.piie.com/publications/policy-briefs/another-reason-raise-feds-inflation-target-employment-and-output-boom

While President Biden has left the Fed alone, many of his advisers would applaud a higher target. Three of them— Heather Boushey, Jared Bernstein and Gene Sperling —were among the signatories to a 2017 letter to the Fed calling for a “serious reappraisal” of its 2% target.

https://www.populardemocracy.org/news-and-publications/prominent-economists-question-fed-inflation-target

If today’s price pressures don’t prove transitory, expect to hear many more such voices.

Greg Ip WSJ Sept. 1, 2021 

https://www.wsj.com/articles/how-to-deal-with-above-target-inflation-raise-the-target-11630504980

 Did inflation targeting fail?  

https://englundmacro.blogspot.com/2021/03/amid-wide-range-of-options-inflation.html