The decline in gas prices is mostly influenced by external forces such as global trends, decisions made by countries like Russia and Saudi Arabia, and the speed of growth in economies like China. While domestic policies can have some impact on oil prices, they are generally overshadowed by these larger external forces.
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.
Background reading:
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