The Sunday Read: ‘I Fell in Love With Motorcycles

Rikki NovetskyDiana Nguyen and

Marion LozanoElisheba Ittoop and


With prices on the rise in the U.S. economy, the Federal Reserve is expected to announce on Wednesday an increase in interest rates, essentially pouring a cold glass of water on the economy.

Why would the central bank do that? The answer lies in the inflation crisis of the 1970s, when a failure to react quickly enough still looms large in the memory.


Jeanna Smialek, a reporter covering the Federal Reserve and the economy for The New York Times.

Watching an address by President Jimmy Carter in 1979. Through the ’70s, prices and wages in the United States were in an upward spiral.
Mao/Associated Press
  • The Federal Reserve is facing the fastest inflation most Americans have ever seen. The response may require some aggressive — and painful — measures.

  • What is inflation, why is it up, and whom does it hurt? Here’s what to know.

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Transcripts of each episode are available by the next workday. You can find them at the top of the page.


Jeanna Smialek contributed reporting.

The Daily is made by Lisa Tobin, Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Larissa Anderson, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Dave Shaw, Sydney Harper, Robert Jimison, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Kaitlin Roberts, Rachelle Bonja, Diana Nguyen, Marion Lozano, Corey Schreppel, Anita Badejo, Rob Szypko, Elisheba Ittoop, Chelsea Daniel, Mooj Zadie, Patricia Willens, Rowan Niemisto, Jody Becker, Rikki Novetsky and John Ketchum.

Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Paula Szuchman, Cliff Levy, Lauren Jackson, Julia Simon, Mahima Chablani, Sofia Milan, Desiree Ibekwe, Wendy Dorr, Elizabeth Davis-Moorer, Jeffrey Miranda, Renan Borelli and Maddy Masiello.

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