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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (46623)	1/23/2008 12:13:32 PM
From: KyrosL	Read Replies (1) \| Respond to of 542134

Steve, you have your history a bit confused. Paul Volcker was appointed by Jimmy Carter, and did ALL of his huge fed funds rate increases during Carter's watch. His last rate hike was in October, 1979, under Carter, when he hiked the rate by a record 2.5 points to a record 15.5%. The rate hikes that broke inflation's back all happened under Carter's watch. Reagan reaped the benefits of them, since, as you know, there is a lag of a year or two before interest rate movements start affecting inflation. newyorkfed.org