![]() However, in the face of higher unemployment, the Fed eased its policy before inflation had been fully contained. ![]() ![]() In 1973, the Federal Reserve tightened policy to address an increase in inflation rates. Since the late 1960s, the nation had experienced a trend of rising prices as inflation began creeping upward from annual rates that were previously less than 2 percent for several years. Miller, a former business executive who had served a little more than a year at the Fed, oversaw a period of slow growth and high inflation-more popularly known as “stagflation.” In a move that signaled the growing discontent with inflation, Carter nominated New York Fed President Paul Volcker to take Miller’s place as Federal Reserve System chairman. William Miller as treasury secretary as part of a larger cabinet shakeup. ![]() In 1979, President Jimmy Carter nominated Federal Reserve Chairman G. ![]()
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