seekingalpha.com - How fed come up percent inflation target consider facts

Tend to agree with Jim Sloan from his recent piece in Seeking Aloha. His data reveals long term inflation is closer to 3.3%, so why shoot for 2%?! Excerpt:

“As for rate cuts, I don't get the discussion at all. Why would the Fed do that? The economy has been doing fine with a few signs recently that it might slow a bit or have at worst a brief and mild recession. To worry about anything more than that would require new information. Rate cuts serve mainly as a cure for a weak economy. Does the Fed really want to give up the dry powder provided by a 5.33% Fed Funds rate? The Fed should be happy with 3% inflation accompanied by high quality bonds yielding 4.5%. Those are the best numbers we have to describe a long term "normal." These present numbers work well enough for most savers and investors who have just emerged from a world in which safe income has been very difficult to find. Consider the current rates as the potential source of dry powder when new numbers on the economy suggest that rate cuts may actually be needed.“