![<p>Customers buying up tea before the price rise, Brisbane, Australia, 1954 (via <a href="https://commons.wikimedia.org/wiki/File:StateLibQld_1_114936_Customers_buying_up_tea_before_the_price_rise,_Brisbane,_1954.jpg">Wikimedia Commons</a>)</p>](/https/www.federalreservehistory.org/-/media/images/inflation_720x450.jpg)
One part of the Fed's dual mandate is price stability. Price stability means that inflation remains low and stable over the longer run.
![Paul Volcker prior to appearing on the Senate Banking Committee Panel in 1979](/https/www.federalreservehistory.org/-/media/images/anti_inflation_measures_720x450.jpg)
Fed’s Anti-Inflation Actions
In 1979, Fed Chairman Paul Volcker announced new anti-inflation measures
![May 9, 1979: Cars line up outside a filling station on the first day of gas rationing imposed on nine California counties following the revolution in Iran that caused a shortage of crude oil.](/https/www.federalreservehistory.org/-/media/images/oil_shock_1978_79_1_720x450.jpg)
Oil Shock of 1978-79
The second oil shock of the 1970s was associated with events in the Middle East
![Sign reading "Gas shortage! Sales limited to 10 gallons of gas per customer" posted at a Connecticut filling station during the energy crisis](/https/www.federalreservehistory.org/-/media/images/oil_shock_1973_74_720x450.jpg)
Oil Shock of 1973-74
An oil embargo in the early 1970s complicated the U.S. macroeconomic environment
![President Nixon prepares to announce new economic policies on a television broadcast.](/https/www.federalreservehistory.org/-/media/images/gold_convertibility_ends_1_720x450.jpg)
Gold Convertibility Ends
President Nixon's 1971 economic plan, sometimes referred to as "Nixonomics," ended gold convertibility and imposed wage and price controls
![Close-up of a "Whip Inflation Now" [WIN] button, President Ford's symbol of the fight against inflation.](/https/www.federalreservehistory.org/-/media/images/great_inflation_1_720x450.jpg)
Great Inflation
The defining macroeconomic period of the second half of the 20th century lasted from 1965 to 1982
![Roy A. Young of the Boston Fed tells the Senate banking committee on January 19, 1933 that President Roosevelts gold plan would be helpful in reaching currency stabilization.](/https/www.federalreservehistory.org/-/media/images/roosevelt_gold_program_3_720x450.jpg)
Roosevelt’s Gold Program
The controversial and consequential policies of FDR regarding gold and dollars