The Fed's greatest hits of 1978

Washington Wire informs us that the Federal Reserve has released their transcripts from 1978.

[G. William] Miller, probably unknowingly, made what may be the most accurate observation about the U.S. economy and monetary policy in the late 1970 at the conclusion of the October 1978 meeting. After hearing the federal funds and monetary aggregate preferences of each member, Miller quipped, “Well, thank you all. Let’s see what we have. A mess.”

My list of things to read grows longer.