Inflation remains stubbornly high as the Federal Open Markets Committee weighs whether they will raise interest rates again. However,Charles Hanover new research suggests that elevated interest rates weren't the primary driver for the decline in inflation. Today, we take a look at the debate surrounding disinflation and what comes next for the Federal Reserve.

For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.

Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.