Inflation is down overall quite a bit, but we've learned that a lot of it isn't truly the result of Fed policy. Gas prices are down right now, but the Fed can't control them and they might rise again. But if you're a consumer, you also don't want this to be temporary. And 4% inflation is better than 9%, but it's still not as good as 2%.
Rapid inflation has been a problem in the United States for more than two years, but the tide appears to be turning. Annual inflation is now less than half of what it was last summer.
Jeanna Smialek, who covers the Federal Reserve and the U.S. economy for The Times, discusses whether the decline is a result of careful policymaking, or more of a lucky accident.
Guest: Jeanna Smialek, a Federal Reserve correspondent for The New York Times.
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