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1. • • Working relentlessly to bring prices under control, Volcker raised the Fed's benchmark interest rate from 11% to a record 20% by late 1980 to try to slow the economy's growth and thereby shrink inflation. Those high interest rates made it so expensive for people and companies to borrow that the economy weakened steadily.
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     Paul Volcker, Fed chairman who curbed inflation by raising ...

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   Paul Volcker

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   American economist

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3. People also ask

   Did Paul Volcker really fight inflation?

   • Decades back, former Federal Reserve Chairman Paul Volcker had a radical idea to fight against inflation. MARY LOUISE KELLY, HOST: Paul Volcker died three years ago at age 92. And David Kestenbaum from our Planet Money podcast has more on Volcker's costly-but-ultimately-successful fight to tame inflation.

   Paul Volcker's costly, but ultimately successful, fight to tame

   www.npr.org/2022/09/22/1124578237/paul-volckers-costly-but-ultimately-successful-fight-to-tame-inflation

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   What did Paul Volcker do?

   • Paul Volcker, Federal Reserve Chair from 1979-1987, raised fed funds rate to a record 20% to end inflation. How he got a shock and a rule named after him.

   Paul Volcker, His Shock, Rule, and a New Bretton-Woods - The Balance

   www.thebalancemoney.com/who-is-paul-volcker-3306157

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   What was Volcker's approach to inflation?

   • It was an approach that would lead to more fluctuation in rates and, Volcker hoped, rein in inflation. Previously, the Fed had conducted policy by targeting growth rates for the money supply and by keeping the federal funds rate within a narrow range that was believed to be consistent with the monetary growth objectives.

   Volcker's Announcement of Anti-Inflation Measures

   www.federalreservehistory.org/essays/anti-inflation-measures

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   How did Paul Volcker break the cycle?

   • Ultimately, it took a crackdown by cigar-chomping Fed chairman Paul Volcker to break the cycle of rising prices and wages. Volcker slammed the brakes on the economy by raising interest rates to 20% — tough medicine to prove he was serious about getting inflation under control.

   Memories of the 1970s haunt the Fed, pushing its aggressive rate ... - N…

   www.npr.org/2022/09/29/1125462240/inflation-1970s-volcker-nixon-carter-interest-rates-fed

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4. www.vox.com › future-perfect › 2022/7/13Inflation is soaring. How did Paul Volcker’s Federal Reserve ...

   www.vox.com › future-perfect › 2022/7/13

   Jul 13, 2022 · The Federal Reserve is, accordingly, raising interest rates aggressively, as Volcker did. It’s not trying to engineer a recession, but its actions could cause one as an unintended consequence...

   • Author: Dylan Matthews

5. www.nytimes.com › 2022/08/05 › businessWhat the 1980s Can Teach Us About Interest Rates and ...

   www.nytimes.com › 2022/08/05 › business

   Aug 5, 2022 · The textbooks predict that when you raise interest rates high enough, an economy will sputter, and that’s what happened: The second Volcker recession began in July 1981 and lasted until...

6. www.thebalancemoney.com › who-is-paul-volcker-3306157Paul Volcker, His Shock, Rule, and a New Bretton-Woods

   www.thebalancemoney.com › who-is-paul-volcker-3306157

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   Oct 30, 2021 · Volcker fought greater than 10% annual inflation rates with contractionary monetary policy and courageously raised the fed funds rate to 20% in March 1980. He briefly lowered it in June. When inflation returned, Volcker raised the rate back to 20% in December and kept it above 16% until May 1981.

   • Author: Kimberly Amadeo

7. Videos

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     2:16

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     Remembering former Fed chair and economic giant Paul Volcker

     Dec 9, 2019

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     9:08

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     Paul Volcker & The Great Inflation - a clip from "Money For Nothing: Inside the Federal Reserve"

     Dec 10, 2019

     21.8K Views

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     2:15

     pbs.org

     Remembering former Fed chair and economic giant Paul Volcker

     Dec 9, 2019

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8. www.npr.org › 2022/09/29 › 1125462240Memories of the 1970s haunt the Fed, pushing its aggressive ...

   www.npr.org › 2022/09/29 › 1125462240

   Sep 29, 2022 · Volcker slammed the brakes on the economy by raising interest rates to 20% — tough medicine to prove he was serious about getting inflation under control.

9. www.federalreservehistory.org › essays › antiVolcker's Announcement of Anti-Inflation Measures | Federal ...

   www.federalreservehistory.org › essays › anti

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   In October 1979, Fed Chairman Paul Volcker announced new measures by the Federal Open Market Committee aimed at reining in the inflation that had afflicted the US economy for several years. Volcker's Announcement of Anti-Inflation Measures | Federal Reserve History

10. www.npr.org › 2022/09/22 › 1124578237Paul Volcker's costly, but ultimately successful, fight to ...

    www.npr.org › 2022/09/22 › 1124578237

    Sep 22, 2022 · Prices had been rising at 9%, 11% a year. Which meant if you had saved a pile of money for retirement, that pile bought less and less. SILBER: The inflation was really debilitating. You had to...

11. www.nytimes.com › 2022/03/16 › podcastsInflation Lessons From the 1970s - The New York Times

    www.nytimes.com › 2022/03/16 › podcasts

    Mar 16, 2022 · Apple Podcasts | Spotify | Stitcher. With prices on the rise in the U.S. economy, the Federal Reserve is expected to announce on Wednesday an increase in interest rates, essentially pouring a...