Skip to content
Subscriber Only
Opinion
William Silber

How Volcker Launched His Attack on Inflation

When Paul Volcker took over as president of the Federal Reserve Bank of New York on Aug. 1, 1975, he became a permanent member of the Federal Open Market Committee, the panel within the Federal Reserve System responsible for managing credit conditions and interest rates.

The New York Times labeled him a “monetary pragmatist,” adding that he was “philosophically sympathetic” with Fed Chairman Arthur Burns, meaning “that he leans toward tight money policies and high interest rates to retard inflation.”