Remembering Paul Volcker, known as the Fed chair who helped tame inflation under Presidents Jimmy Carter and Ronald Reagan.
Paul Volcker, who as chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan helped tame inflation with 22% interest rates that also crunched American manufacturing, farming and real estate but led the way to two decades of expansion, has died. He was 92.
"Paul Volcker was an inspiration to me and to everyone in the Federal Reserve," said Janet Yellen, Fed chair under Presidents Barack Obama and Donald Trump. "He embodied the values we hold most dear: devotion to public service, the courage to do the right thing, even when it's immensely unpopular, a commitment to strong and effective regulation of the banking system and the highest ethical standards.
The inflation rate was 1% under President Lyndon Johnson in 1965 but ballooned to a breakneck 14.8% in March 1980. To combat the price rises, Volcker's Fed jacked up the federal funds rate and tightened the money supply. The rate, used by banks and credit unions for overnight loans to other depository institutions, reached
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