Did Paul Volcker Really Want to Do a Volcker?

Paul Volcker, who had become chair of the Fed about a month earlier, a month before that speech was delivered, he's in the audience. So every time people start to wax or wane about Fed independence and Congress starts to come down on the Fed for doing too much to slow the economy, I kind of go back to that speech. Powell has tried to be very clear about what the goals are. And if they can do this while achieving a soft landing, which looks more and more implausible, they'll take it.

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