Inflation Is Way Down. Is It by Design or Just Luck?

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.