Facing mounting pressure to roll back rate hikes, including protests by farmers and car dealers along with bipartisan political intervention, the Federal Reserve yielded. As unemployment exceeded 7% in May, the Fed chose to substantially lower the federal funds rate, even though inflation had reached a staggering 14.7% in April. This move tarnished Volcker’s reputation as a champion against inflation, and throughout the remainder of 1980, inflation persisted at over 12%.

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• Source: https://www.coindesk.com/consensus-magazine/2023/03/28/why-bitcoin-is-your-best-bet-against-inflation/?utm_medium=referral&utm_source=rss&utm_campaign=headlines