News Analysis
The legacy of former Federal Reserve Chair Paul Volcker, a Ronald Reagan appointee, is frequently invoked by financial media outlets in light of today’s high inflation, which has reached levels not seen since these men occupied office.
Many wonder if current Fed Chair Jerome Powell has the resolve to combat inflation as his predecessor did in the early 1980s. Even crypto outlets like Coindesk are begging the question, “Is Powell 2022’s Volcker?”
Volcker’s legacy is viewed in an overwhelmingly positive light. As noted by Bloomberg, “Central bankers like to be compared to Volcker.”
Implicit in these views is the belief that the Federal Reserve and its chair are largely responsible for the consumer price level. As President Joe Biden stated back in May, inflation “starts with the Federal Reserve, which plays a primary role in fighting inflation in our country.”…