Page 3 - Jon Steinsson News Today

WASHINGTON (AP) – It was the most painful inflation Americans had experienced since 1981, when The Dukes of Hazzard and The Jeffersons were topping the TV charts. Yet the Federal Reserve now seems on the verge of defeating it – and without the surge in unemployment and the deep recession that many economists had predicted […]

The lowering of inflation without sending the U.S. into a recession felt like an impossible goal. But the Fed seems to have managed the impossible.

The lowering of inflation without sending the U.S. into a recession felt like an impossible goal. But the Fed seems to have managed the impossible.

The lowering of inflation without sending the U.S. into a recession felt like an impossible goal. But the Fed seems to have managed the impossible.

The lowering of inflation without sending the U.S. into a recession felt like an impossible goal. But the Fed seems to have managed the impossible.

The cost of goods — such as used cars, furniture and appliances — has fallen for six straight months.

The lowering of inflation without sending the U.S. into a recession felt like an impossible goal. But the Fed seems to have managed the impossible.

Inflation has been falling steadily since peaking in June of last year at 9.1%. When the Fed's preferred inflation gauge for November is reported next week, it's likely to show that annual inflation actually dipped just below the Fed's target of 2%.

The lowering of inflation without sending the U.S. into a recession felt like an impossible goal. But the Fed seems to have managed the impossible.

The lowering of inflation without sending the U.S. into a recession felt like an impossible goal. But the Fed seems to have managed the impossible.