August 18, 1978
The administration fully understands the reasons for this action. It is essential that we control inflation if we are to have a strong dollar and sustainable economic growth. As we have said, there will be a series of continuing actions over the next several weeks to deal with these problems.
Note: Earlier in the day, the Board of Directors of the Federal Reserve System had raised the discount rate from 7 1/4 percent to 7 3/4 percent.
Jimmy Carter, Discount Rate Increase White House Statement on the Federal Reserve Board Action. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/248573