What does the CMB really tell us about inflation?

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The recently released WMAP 3-year data on the anisotropy and polarization of the Cosmic Microwave Background is a milestone in cosmology. For the first time, it is possible to rule out popular models of inflation in the early universe. However, the WMAP3 data contain interesting hints which indicate that it may be too early to declare a "slam dunk" for simple single-field models of inflation. I will comment on the successes and the limitations of the new data in the context of inflationary model-building, and discuss the next generation of theoretical tools which will be necessary to make sense of future high-precision data.