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As a result of the new focus and the restrictive targets set for the money supply, the federal funds rate reached a record high of 20 percent in late 1980. Inflation peaked at 11.6 percent in March of the same year.
The monetary policies of the Federal Reserve board, led by Volcker, were widely credited with curbing the rate of inflation and expectations that inflation would continue. US inflation, which peaked at 14.8 percent in March 1980, fell below 3 percent by 1983.
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.
Dec 8, 2019 · In his first term, Volcker focused on reducing inflation and conveying to the public that increased interest rates were the result of market pressures and not Board actions. He raised the discount rate by 0.5 percent shortly after taking office.
Jul 14, 2022 · Jul. 14 2022, Published 8:31 a.m. ET. Source: Federal Reserve Twitter. The specter of hyperinflation is hanging on the U.S. economy as the CPI print was much hotter than expected at 9.1 percent for...
Jan 1, 2005 · On Oct. 6, 1979, Fed Chairman Paul Volcker took dramatic steps to rein in the runaway inflation that had been sapping the strength of our economy since the mid-1960s. Without his bold change in monetary policy and his determination to stick with it through several painful years, the U.S. economy would have continued its downward spiral.
Dec 10, 2019 · The late Fed chair is remembered for banishing inflation for a generation or more — but an even bigger accomplishment may have been protecting the institution’s independence for those who came...
