Paul Volcker's Fed raised rates from 11.2% to 20%, which is widely credited as a major cause of the 1980-1982 recession. https://en.wikipedia.org/wiki/Paul_Volc

Paul Volcker's Fed raised rates from 11.2% to 20%, which is widely credited as a major cause of the 1980-1982 recession. https://en.wikipedia.org/wiki/Paul_Volcker#Chairman_of_the_Federal_Reserve https://en.wikipedia.org/wiki/Paul_Volcker#Chairman_of_the_F... Edit: probably should have clarified I think this was probably worth it (inflation came down and stayed down for a long time, and you can’t postpone a recession forever with dovish policy. My only point is that it was a big intervention).