By happenstance I picked up the book “Using the Wall Street Journal” (5th Ed.) by Michael B. Lehmann. This book has been sitting idly on my bookshelves, gathering dust, for a very, very long time.

On p. 99, there is a reprint of a news story published on 30, Jan 1995. In which it reported,

Greenspan Defends Moves

The Fed has been criticised for raising interest rates before seeing any evidence of worsening inflation, but Fed Chairman Alan Greenspan replied in remarks prepared for delivery over the weekend: “If we have waited until inflation had become evident, it would have been too late.”

A lot has been changed since then.