Volcker Restored Fed’s Credibility on Inflation
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Aug. 23 (Bloomberg) -- Federal Reserve Chairman PaulVolcker sounded like James Bond during a telephone conferencecall with members of the FOMC on Friday, Oct. 5, 1979.
He stressed the confidential nature of the final memorandumthey would be discussing at the emergency meeting the followingday. The increased gyrations in interest rates under the newprocedures could mean millions in profits or losses in marketsthroughout the world. Volcker also wanted to avoid leaks aboutthe meeting itself and told his colleagues to arrive inWashington as inconspicuously as possible and to stay atdifferent hotels.