Powell the new Volcker? Rates Hiked Again
Federal Reserve just concluded their September meeting, gave their press release, and Powell is increasingly sounding like the new Volcker. In fact, he said in the statement, “We will keep at it until the job is done, giving an echo back to Volcker, keeping at it”. Echoing the title of Paul Volcker's biography, ‘Keeping at it’, and Volcker's legacy of crushing inflation in the seventies by continuously raising rates until the job was done.