US inflation picked up in January, and there are lingering concerns that the “last mile” of bringing inflation back to target will be the most difficult.

Paul Diggle and Luke Bartholomew talk to James McCann about the drivers of US inflation, the positive supply-side shocks that made the initial decline in inflation so rapid, the 1970s experience that might be weighing on policymakers, and whether the US is at risk of a fiscal crisis.