Maintaining confidence in the Fed's commitment to price stability remains a top priority. We see little indication today of the beginnings of a 1970s-style wage- price spiral.
The overall inflation rate has averaged about 3.5 percent over the past four quarters, significantly higher than we would like but much less than the double-digit rates that inflation reached in the mid-1970s.
~ "Bernanke says rise in price expectations a concern", June 4, 2008 , Bloomberg
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