American economist and Chair of the Federal Reserve Paul Volcker smokes a cigar as he testifies ... [+] before the House Banking Committee, Washington DC, February 19, 1986. (Photo by Mark Reinstein/Corbis via Getty Images) Getty ImagesPaul Volcker, the former Federal Reserve Chairman credited with bringing down sky-high U.S. inflation in the early 1980s, has died at the age of 92. U.S. inflation peaked at nearly 15% in 1980 before sharp increases in borrowing costs from the Federal Reserve, which allowed it to tame inflation for the foreseeable future. Prior to that role, Volcker had been president of the influential New York Fed. Volcker did not have a doctorate in economics, but first served the Federal Reserve as an economist from 1952 until 1957.

Source: Forbes December 09, 2019 15:57 UTC