[CGMthrowaway]

Not quite.

"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...