Many economists view the 1960s as a ‘missed opportunity’ to contain rising inflation before it became entrenched in the 1970s. But, it's unclear how much that period should inform Fed policy today.
In the sixties and seventies, as now, the fundamental mistake was to look for domestic policy tools to repair global economic problems -- notably global supply shocks (particularly oil) and unanticipated consequences of driving the dollar down under President Nixon and up under Presidents Reagan and Biden. https://www.aier.org/article/nixonomics-in-retrospect-devaluation-and-wage-price-controls-august-15-1971/
The nature and context of the 60s inflation is completely different! https://thefaintofheart.wordpress.com/2012/08/25/the-origins-of-the-great-inflation/
In the sixties and seventies, as now, the fundamental mistake was to look for domestic policy tools to repair global economic problems -- notably global supply shocks (particularly oil) and unanticipated consequences of driving the dollar down under President Nixon and up under Presidents Reagan and Biden. https://www.aier.org/article/nixonomics-in-retrospect-devaluation-and-wage-price-controls-august-15-1971/
The nature and context of the 60s inflation is completely different! https://thefaintofheart.wordpress.com/2012/08/25/the-origins-of-the-great-inflation/