Question

what does the current rate of inflation tells you about the state of the US economy.  

Answer 1

The economy has entered an expansionary phase because the inflation is rising and GDP growth is also expected to remain higher for the coming year. The inflation rate has increased to a level of 2.2% in the month of February which is is 0.1% higher than its value in January. Unemployment rate is also near its full employment level and these factors indicate that the growth rate of GDP is likely to be higher in future. Also note that inflation is following it's expected path with the current values matching the forecasted values.