This editorial was first published in Bloomberg Opinion. Guest editorials don’t necessarily reflect the Denton Record-Chronicle’s opinions.

On Wednesday, Federal Reserve Chair Jerome Powell explained the central bank’s current thinking on inflation in a speech at the Brookings Institution. The next day, with impeccable timing, October’s inflation figures turned out to be broadly consistent with his remarks. Inflation is coming under control, but the problem is far from solved; interest rates still need to go higher, but the pace of tightening can be eased a little.

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