Is the Inflation Battle Won? Not Yet.

Inflation is beginning to abate meaningfully for American consumers. Gas is cheaper, eggs cost roughly half as much as they did January and prices are no longer climbing as rapidly across a wide array of products.

But at least one person has yet to express relief: Jerome H. Powell, the chair of the Federal Reserve.

The Fed has spent the past 15 months locked in an aggressive war against inflation, raising interest rates above 5 percent in an…