Don't give the Fed credit for crushing inflation, Nobel economist Paul Krugman says

• Inflation hasn't cooled because of the Federal Reserve's interest-rate hikes, Paul Krugman says.
• The Nobel Prize-winning economist says it's more likely that pandemic disruptions have dissipated.
• Still, the US economy might be in worse shape today if the Fed hadn't raised rates, Krugman says.

US inflation has plunged not because of the Federal Reserve's hikes to interest rates, but because pandemic disruptions have faded, Paul Krugman says.