The decline of inflation in these two big areas where higher prices most directly impact us as consumers is not primarily because our central bank worked its magic. The part of inflation we're worried about now is the part that's not going to come down just because of a return to normal or because of luck, but the part that is going to require Fed policy. We'll be right back with more from New York Times Audio.
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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