"Notably, in 1974, Federal Reserve chair Arthur Burns felt it necessary to make clear that high nominal interest rates would need to continue “for a time” as an anti-inflation measure;"
"A later chair, Paul Volcker, having presided over a period of very restrictive monetary policy, chose in March 1982 to make an explicit indication that nominal interest rates would and should fall in the period ahead."
"Notably, in 1974, Federal Reserve chair Arthur Burns felt it necessary to make clear that high nominal interest rates would need to continue “for a time” as an anti-inflation measure;"
"A later chair, Paul Volcker, having presided over a period of very restrictive monetary policy, chose in March 1982 to make an explicit indication that nominal interest rates would and should fall in the period ahead."
https://www.federalreserve.gov/econres/feds/files/2021033pap...