YOU DON’T SAY: We’re in danger of falling into 1970s-style inflation without aggressive interest rate hikes, according to a top Fed official. “While Bullard expressed confidence in the Fed’s ability to ultimately defeat inflation, he also argued that officials should raise rates aggressively now, or the U.S. economy could see a repeat of the 1970s—when year-over-year inflation rose as high as 12%, destroying Americans’ purchasing power.”