The benchmark rate is no match for structural demographics. Powell can't slow housing inflation unless he can get millions of houses and apartment units built. He can't slow healthcare inflation as he can't control healthcare cost inflation. He can't control fuel inflation when businesses demand RTO (commuting in aggregate) in a world that is trying to get off of oil (and starving oil and gas of investment) and multiple conflicts are in progress.

That is not to say rates where they are at are too high. ~5% is likely a reasonable target rate. But going higher will not drive up unemployment.

https://www.axios.com/2023/05/08/us-labor-shortage-older-wor...

https://apnews.com/article/inflation-business-pandemics-jero...

https://www.axios.com/2022/12/16/the-missing-workers-who-are...

https://www.politico.com/news/2022/11/30/feds-powell-inflati...

I hope one day to be as confident as Jerome Powell. “Inflation is transitory.” This man leads our economy and has decided people need to loose jobs to ‘fix’ inflation (price gouging)