Is history really this coincidental? Another change in the Fed chair. August 1979 Paul Volcker took office as the Fed Chair •1980–1982 Volcker launched the most aggressive rate hike cycle in history. What did Volcker do after taking office? To sum it up in one sentence: He was willing to let the U.S. economy fall into recession just to kill inflation. What about now? Clearly not the same, now it's following Trump's approach.