PAUL VOLCKER

The Fed chair can’t escape the fundamental trade-off: Ensuring victory against inflation will require economic sacrifice.

We are on the cusp of an even bigger break in the financial architecture as Fed officials are doubling down on the need to fight inflation, Ron Insana says.

Don Kohn, an economist who spent 40 years in the Federal Reserve System, discusses inflation and the chances of the U.S. heading into a recession.

Clark County Public Administrator Robert “Rob” Telles has been arrested as the suspect in the fatal stabbing of a veteran newspaper reporter. Las Vegas Review-Journal reporter Jeff German's investigations of Telles's work preceded his primary loss in June.

The last time the Federal Reserve faced inflation as high as it is now, in the early 1980s, it jacked up interest rates to double-digit levels — and in the process caused a deep recession and sharply higher unemployment.

Stephen Roach, known for serving as Morgan Stanley Asia Chairman, warns the Fed's aggressive tightening policies haven't kicked in yet.

When officials of the Federal Reserve Bank of Kansas City sought a location for an annual economic symposium in 1982, they chose Jackson Hole, Wyoming, for a simple reason: It had fly-fishing.

The history of recessions in the U.S. reveals key lessons amid fears another storm is brewing.

The history of recessions in the U.S. reveals key lessons amid fears another storm is brewing.

Few voters may be thinking of Jerome Powell as they go to the polls in November, but all will be coping with economic conditions strongly influenced by Powell's Federal Reserve Board.

The Fed has encountered little pushback to its tightening campaign, but that will likely soon change as the fiscal impact of higher rates becomes clearer.

Federal Reserve rate increases have already hit the stock market and are cooling housing prices — and more rate hikes are expected in the months ahead.

History shows that the power of central bankers and other policy makers to restrain wages and prices pales in comparison to the impact of grand tectonic forces.

Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession.

Stocks pointed toward giving up the gains it made after the Fed's rate hike on Wednesday.

Stagflation.

Want to learn from the mistakes of the 1970s? Then take action against rising prices now and reduce the greater torment that will come from waiting.

Fed Governor Christopher Waller pledged that the rate-setting group wouldn't make the same mistakes on inflation that it did in the 1970s.

It now appears the Fed is hell-bent on pushing the economy to the brink of recession and pushing the unemployment rate up to relieve inflationary pressures.

The new era of inflation has only just begun to wreak havoc

Whatever the central bank conveys on Wednesday should push the market out of its flat trading range — one way or the other.

Federal Reserve Chair Jerome Powell warned that Russia’s invasion of Ukraine, which has already driven up oil prices, will likely further magnify the high inflation that has engulfed the U.S. economy.

Policy makers are beginning to worry that raising the cost of borrowing too quickly could have dire consequences.

Jimmy Carter is sometimes called a better former president than he was president.

Doubleline Capital CEO Jeffrey Gundlach's said with inflation rising and Treasury yields remaining low, U.S. bonds are essentially negative yielding assets.

With employers hiring, consumers spending and companies raising some prices, Federal Reserve Chair Jerome Powell is embarking on a high-stakes gamble.

Swiss authorities took issue Friday with U.S. President Joe Biden's comment that many companies use Switzerland and two British territories as tax havens, with the Swiss Federal Department of Finance calling such claims “inappropriate and completely out of date.” Arguing that rich Americans and corporations need to pay their fair share of taxes, Biden said in a speech to Congress on Wednesday that “a lot of companies also evade taxes through tax havens in Switzerland and Bermuda and the Cayman Islands.” Switzerland long had a reputation as a haven for tax dodgers to squirrel away their money to avoid fiscal authorities abroad.

The intent is to get rid of the 3% limit previously set under the Bank Holding Company Act, more widely known as the Volcker rule. It took its name from former Fed Chairman Paul Volcker, who helped draft part of the sweeping reforms that took place after the crisis that erupted in 2008. Other moves include clarification on how foreign funds are treated and simplifying operation and compliance. The change allows banks to provide limited services to so-called covered funds, such as hedge and private equity funds. Vice Chairman Randal Quarles emphasized that the changes do not fundamentally alter the main intention of the Volcker rule specifically the prohibition against "prop trading," or the use of bank funds in risky investing strategies like arbitrage.

Three months before he died, former Federal Reserve Chairman Paul Volcker issued a scathing critique against President Donald Trump and the "movement to undermine Americans' faith in our government and its policies and institutions." "Nihilistic forces are dismantling policies to protect our air, water, and climate," Volcker wrote at the end of "Keeping At It: The Quest for Sound Money and Good Government." Volcker died Sunday at age 92. He guided the Fed from 1979-87 and led the way to vanquishing the runaway inflation of the period. Later, he formulated the Volcker rule banking reform that restricted risk-taking on Wall Street.

WASHINGTON (Reuters) - Paul Volcker, the towering former Federal Reserve chairman who tamed U.S. inflation in the 1980s and decades later inspired tough Wall Street reforms in the wake of the global financial crisis, died on Monday at the age of 92. FILE PHOTO: Former U.S. Federal Reserve Chairman Paul Volcker (L) answers a question from Bretton Woods Committee International Council Chairman Richard Debs (R) during the Bretton Woods Committee annual meeting at World Bank headquarters in Washington May 21, 2014. REUTERS/Jonathan ErnstHere are some of his quotes over the years:ON MEETING WITH BANKS RESISTING REFORMS FOLLOWING THE 2008 FINANCIAL CRISISWake up, gentlemen. Weve got an enormous number of enormously rich people that have convinced themselves that theyre rich because theyre smart and constructive. Here is a whole profession that grows up and 85 percent of what they do is how to get around the rules. (Reuters interview, 2003)

President Jimmy Carter shakes hands with Paul Volcker, left, as he is sworn in as Fed chairman, Aug. 6, 1979, at the White House. In an oral history with the Fed, Volcker explained "why I probably don't like inflation." "My mother said, 'That's what your sisters got, and that's what you're going to get.' "I said, 'My sisters don't need as much money. And we've had inflation, Mother.

"Paul A. Volcker was a giant among American public servants," Alliance President Thomas W. Ross said in a statement Monday. "Paul Volcker was an inspiration to me and to everyone in the Federal Reserve," said Janet Yellen, Fed chair under Presidents Barack Obama and Donald Trump. We have Paul Volcker to thank for taming inflation and ushering in a long period of macroeconomic stability." The inflation rate was 1% under President Lyndon Johnson in 1965 but ballooned to a breakneck 14.8% in March 1980. Shortly after becoming Fed chairman, Volcker raised the discount rate by 0.5%, which would be considered a sizable jolt today.

Diana Walker | The LIFE Images Collection | Getty ImagesPaul Volcker's greatest legacy as Fed chief was breaking inflation with shockingly high interest rates, but he turned the housing market into a nightmare for both buyers and sellers. Volcker allowed the fed funds rate, now topped out at 1.75%, to rise over 20%, and with it went the interest on home mortgages and everything else. "People thought they'd never buy a home again, and they did," said Diane Swonk, chief economist at Grant Thornton. At the beginning of the '80s, people thought inflation would keep rising at 10% a year," said Chris Rupkey, chief financial economist at MUFG Union Bank. "They didn't think the home buyer could afford the interest rate, so they would limit the mortgage home buyers could get," he said.

Federal Reserve chair Janet Yellen (L to R) and former Federal Reserve chairs Ben Bernanke and Paul Volcker appear together for the first time in New York, April 7, 2016. The panel is geared toward millennials and focused on decision-making with international implications. The previous four heads of the Federal Reserve called for an independent central bank in the face of repeated attacks by President Donald Trump in an extraordinary joint commentary for the Wall Street Journal. "We are united in the conviction that the Fed and its chair must be permitted to act independently and in the best interests of the economy, free of short-term political pressures and, in particular, without the threat of removal or demotion of Fed leaders for political reasons," stated the piece, signed by Paul Volcker, Alan Greenspan, Ben Bernanke and Janet Yellen. The former leaders of the Fed emphasized that the Fed's powers are appropriately checked by Congress.