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Tame US inflation carefully or risk some nasty side-effects
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Down the ages there has been no shortage of central bankers intent on squeezing inflation out of the system, but Paul Volcker is in a class of his own.
Appointed by Jimmy Carter in 1979 when the US annual inflation rate was well into double digits, Volcker administered brutal shock treatment to the world’s biggest economy, at one point pushing official interest rates above 20%. Fans of the 6 ft 7in (2.04m) chairman of the Federal Reserve continue to be in awe of his single-minded approach to
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