The economy will not get back to 2 per cent inflation without a sharp slowdown and higher unemployment

 Like it or not (I certainly do not)

Why not just give up on the target and accept, say, 4 or 5 per cent inflation? 

The answer is that if a country abandons its solemn promise to stabilise the value of the currency as soon as it becomes hard to deliver, other commitments must also be devalued.

Martin Wolf FT 25 June 2023

https://www.ft.com/content/83026a79-2ac9-40e8-94e7-efee443e8d8d

Powell Wins Over Bond Traders 

Once aggressive bets for Fed rate cuts in 2023 are unwound

Traders have scrapped once-aggressive wagers that the Federal Reserve chief would pivot to easing policy before the end of this year, reflecting deeply diminished expectations that the central bank’s rate hikes are poised to set off a sharp recession. 

Bond yields have risen back toward levels seen before the panic sown by Silicon Valley Bank’s collapse. 

Bloomberg 24 June 2023

https://www.dw.com/en/ecb-says-finishing-line-in-sight-on-inflation-interest/a-66025101