Central Banks
Fed’s Powell Lauds Volcker Record in Face of Political Pressure
Federal Reserve Chair Jerome Powell during the Federal Reserve Board open meeting in Washington, DC, on March 19.
Photographer: Al Drago/BloombergFederal Reserve Chair Jerome Powell on Saturday lauded the policy record of the late Fed Chair Paul Volcker, who raised interest rates and sparked a recession to tame the high inflation that took off during the 1970s.
In pre-recorded video remarks to the American Society for Public Administration’s annual conference — which honored Powell with the Paul Volcker Public Integrity Award — the Fed chair credited his predecessor for acting with courage and integrity while in office.