As chair of the Federal Reserve in the late 1970s, Paul Volcker addressed the economic crisis facing the country by

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Paul Volcker, as chair of the Federal Reserve, combated the high inflation of the late 1970s by significantly reducing the money supply, which had the effect of raising interest rates. This approach was aimed at reducing inflation, even though it initially led to higher unemployment and significant economic challenges.

As Chair of the Federal Reserve in the Late 1970s