The contractionary policies of the Fed under Paul Volcker to reduce inflationary pressures in the economy:

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Paul Volcker began implementing contractionary policies in the late 1970s and it took nearly a decade for these policies to fully work and bring down inflation. Interest rates were raised to as high as 20% to combat inflation, and unemployment rates initially rose but eventually stabilized around 7.5%.

The Contractionary Policies of the Fed Under Paul Volcker to Reduce