Fed Chair Powell lauds Volcker's 'willingness to resist' - Reuters
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Fed Chair Powell praised former Chair Volcker's approach to fighting inflation through aggressive interest rate hikes in the 1980s.
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Fed Chair Jerome Powell praised former Federal Reserve Chair Paul Volcker's "willingness to resist" during an economic crisis, highlighting Volcker's approach to inflation-fighting policy during his tenure in the 1980s. Volcker is widely credited with breaking the back of stagflation through aggressive interest rate hikes, a period that caused significant short-term economic pain but restored price stability. Powell's invocation of Volcker suggests he views the former chair's political courage and resolve under pressure as a relevant model for central banking leadership. The remarks reflect ongoing debates within the Federal Reserve about the balance between aggressive monetary policy and political feasibility in addressing economic challenges.
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