Because the public had come to expect high inflation, they reckoned, growth-crushing rate rises would be needed to force down prices and create new consumer expectations.

他们认为，由于公众已经在预期高通胀了，因而，压制增长的加息只有在抑制物价和产生新的消费者预期时才是需要的。

youdao

Now, what happened was the U.S. Government-- or the Massachusetts Government--had created high inflation during the war and nobody wanted to lend money to it so they create here a price index.

当时的美国政府,或者说麻省州政府在战争期间引发了高通胀,以至于没人愿意借钱给他们,于是他们制定了一个价格指数

耶鲁公开课 - 金融市场课程节选

The broader issue is simple: the developed world has too much debt and to reduce this debt, they want to create inflation and depreciate the value of their currencies (thereby reducing the value of the debt).

FORBES: Who Will Win The Currency Wars?