UK mortgages float and can be adjusted periodically, hence the inflation in that area. US rates are fixed and that particular problem doesn’t exist here. There is over a trillion bucks in the hands of households in excess of historic norms according to the Fed. So Americans, at least, might be spending on revenge vacations but I think you need to attribute such things to pent up demand. Lastly who said 2 percent inflation was nirvana? Some finance guys in New Zealand with wet fingers in the air. A higher inflation rate like 3-4 percent might be better for the economy and regular people. It would condition us to expect more frequent pay raises for instance and reduce the chance that wealthy elites could keep the minimum wage at $7.50 for decades. That’s what triggers inflation.