Inflation Lessons From the 1970s

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