This expectation partly underlies our view that gradual increases in the federal funds rate will likely be appropriate in the months and years ahead: Those increases would keep the economy from significantly overheating, thereby sustaining the expansion and maintaining price stability.
The period of calm lasted until 1848, when the people of the Empire toppled Metternich’s repressive regime. The bank, which was perceived as quite close to the state, faced a run – everybody tried to convert his banknotes into silver coins. In response, the Nationalbank resorted to a measure that was a small revolution in itself.