Beltway Confidential

Jerome Powell’s Paul Volcker moment?

By Tiana Lowe Doescher
Published March 21, 2023 8:09pm ET
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Jerome Powell’s Paul Volcker moment?
FILE - In this March 18, 1980, file photo, Federal Reserve Board Chairman Paul Volcker listens to a question as he appears before the Senate Banking Committee in Washington, D.C. The Federal Reserve and the Federal Deposit Insurance Corp. each unanimously voted to adopt the so-called Volcker Rule, taking a major step toward preventing extreme risk-taking on Wall Street that helped trigger the 2008 financial crisis. The rule which states that U.S. banks will be barred in most cases from trading for their own profit under a federal rule is named after Paul Volcker, a former Fed chairman who was an adviser to President Barack Obama during the financial crisis. (AP Photo/Chick Harrity, File) | CHICK HARRITY

As the saying goes, the Federal Reserve usually raises interest rates until something breaks. After one year and 450 basis points of tightening, something has finally broken.

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Federal Reserve Inflation Jerome Powell