The Fed has an inflation target of 2%, and reducing inflation has been its main priority over the last year. But why 2%, what's so special about that number?
That number is not actually a very precise target, inflation can be slightly above it for a while, and it can be slightly below for a while, but the Fed hopes that it will be as close to 2% as possible.
Inflation over that target would cause price instability, and menu costs which are the inefficiencies caused by changing prices, also inflation requires people to increase their efforts to protect themselves from inflation, these are called shoe-leather costs. Inflation lower than 2% risks deflation, which is the price level decreasing, and it's dangerous because it causes economic stagnation and high unemployment.
This policy of the Fed is called inflation anchoring, and it was initiated by Ben Bernanke in 2012. Anchoring also helps to use people's expectations to bring inflation to 2%, if inflation is above 2%, people expect monetary tightening (a reduction in the supply of money in the economy), and behave accordingly, so explicitly stating the target helps the Fed achieve it.
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