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It took courage to lift rates in 1979 to kill inflation. The gutsy move for today may be to stand fast until we have more jobs

 For many of today’s leading policymakers and economists, the 1970s inflation and the discontent it caused are hard to forget

Among this group, former Fed Chairman Paul Volcker is regarded as a brave public servant—the one person who had the will to break that inflation through a series of politically unpopular rate hikes that induced a recession. 

Total nonfarm payrolls stand at 148 million, 5 million below the 153 million before the pandemic.

Fed that for years missed its employment goals or underestimated how strong the labor market could get without triggering sustained inflation.

Pulling a Volcker now might entail ignoring politicians, Ph.D. economists, and various editorial boards who all want a fast turn to inflation-fighting mode. 

Joe Weisenthal


Volcker startade sedelpressarna, inte Greenspan.

Gavyn Davies 6 april 2014 

Here’s Why the Fed Could Stay Easy for a LOOONG Time

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