Fed Chairman Ben Bernanke recently noted that in the 1970s the public had little confidence that the

Question:

Fed Chairman Ben Bernanke recently noted that “in the 1970s the public had little confidence that the Fed would keep inflation low and stable.” As a result, when oil prices rose, wages and prices quickly followed. This caused the Fed to have to increase interest rates sharply to curtail inflation. Do people have a different perspective on the Fed today than they did in the past?