WASHINGTON — Long past its painful peak, inflation in the United States may be heading steadily back toward its pre-pandemic levels, without the need for further interest rate hikes by the Federal Reserve.
Such a scenario became more likely, if hardly guaranteed, after Tuesday’s surprisingly tame report on consumer prices for October. The Labor Department’s data showed a broad-based easing of inflation across most goods and services. The price of gas? Down. Appliances? Down. Autos? Down. Same for airfares, hotel rooms and doctors’ fees.
