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October 1979. 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. In 1979, President Jimmy Carter nominated Federal Reserve Chairman G. William Miller as treasury secretary as part of a larger cabinet shakeup.
Jan 12, 2023 · In 1976, the U.S. inflation rate was 5.7 per cent. In the next three years it was 6.5, 7.6 and 11.3 per cent. The month Volcker took over it was running at 11.8 per cent. Ten days into the job he persuaded the Fed board to raise the policy interest rate half a point to a record 10.5 per cent.
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Dec 3, 2004 · By the time of the secret October 6 meeting, inflation continued to remain high, the value of dollar had declined significantly, and the monetary aggregates continued their rapid growth. October 6, 1979. Chairman Volcker called the October 6 meeting of the FOMC to decide on better methods for controlling money, credit expansion, and inflation.
Jul 13, 2022 · The crisis would end, and most economists give credit for ending it to Paul Volcker, the chair of the Federal Reserve. Volcker got inflation under control through the economic equivalent of ...
- Dylan Matthews
Aug 24, 2021 · Volcker targeted money supply directly, using interest rates for that stated goal. Volcker knew the dollar was in existential crisis at the time and said this explicitly. He also knew there was a ...
Sep 22, 2022 · But what Silber remembers is this tiny little detail - Volcker's socks. They were all scrunched down. SILBER: And I remember, my mother said, don't ever let your socks fall down below your ankles.
Dec 18, 2019 · A bit like Volcker, really. Yet, to reduce Volcker’s legacy to the defeat of inflation is to overlook his broader pragmatism and later efforts at countering abuses of financial power. In late 1987, toward the end of his time at the Federal Reserve, Volcker resisted efforts at weakening financial regulation.
