, Columnist
Powell to ’70s: Drop Dead
Yes, there’s an oil shock, but fears of stagflation are way premature.
The first day of gas rationing in nine California counties, May 1979.
Source: Bettmann/Getty
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“When we use the term stagflation, I always have to point out that that was a 1970s term,” averred Jerome Powell, the chairman of the Federal Reserve, this week.