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A new economic era: is inflation coming back for good? The December meeting of the Federal Reserve’s most important economic committee was routine. Policymakers agreed that the economy could cope with rising levels of spending “without any strong general upward pressure on prices”. Although prices of a few raw materials were rising sharply, “finished goods have not been subject to pervasive upward cost pressures”. Generalised inflation, the committee concluded, was not a serious concern. This meeting of the Federal Open Market Committee was held on December 15 1964, just two weeks before the start of a 17-year period the Fed now dubs The Great Inflation.

United statesFrance generalUnited kingdomEast sussexThe white houseDistrict of columbiaCity ofJanet yellenAdam posenLaurence booneHolger schmiedingLuca benatiRonald reaganCharles goodhartPaul volckerAndrew bailey