Fed Chair Jerome Powell pushed back Wednesday on comparisons between today’s economy and the miserable stagflation of the 1970s—though he acknowledged that we’re in a kind of mini-version.
“When we use the term stagflation, I always have to point out that that was a 1970s term, at a time when unemployment was in double figures and inflation was really high,” Powell said at a press conference following the Fed’s decision to hold rates steady for the second straight meeting. “That’s not the situation we’re in.”
