Former US Fed chief Paul Volcker dies aged 92

Former US Fed chief Paul Volcker dies aged 92

Paul Volcker, the former head of the Fed, has died at the age of 92. Appointed chair of the Fed in 1979, Volcker dramatically raised interest rates to combat inflation. The move drove the US into recession, but was credited with creating the conditions for long-term growth. His tenure at the Fed ended in 1987. He even advised former President Obama on bank regulation following the banking crisis.

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