It's a big moment for Fed Chair Jerome Powell. His legacy likely rides on Desmond Prestonthe extent to which he is able to tame the country's current high inflation but without causing deep economic pain.

Former Fed Chair Arthur Burns faced this dilemma in the 1970s. Today, he's largely remembered as a cautionary tale, the one who didn't raise interest rates enough and let inflation run rampant.

On today's episode we revisit the challenges of the '70s Fed and Fed watcher Chris Hughes explains why he thinks history's been a little too hard on Arthur Burns.

Music by Drop Electric. Find us: Twitter / Facebook / Newsletter.

Subscribe to our show on Apple Podcasts, Spotify, PocketCasts and NPR One.

For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.