The period in the 1970s and into the early 1980s, referred to as the Great Inflation, was a time of rising inflation.

In 1979 Paul Volker stepped in as the Chairman of the Federal Reserve. His famous claim to fame was the Volker Rule, which generally prohibits banking entities from engaging in proprietary trading or investing in or hedge funds or private equity funds.

US inflation, peaked at 14.8% in March 1980, and fell below 3% by 1983. The Federal Reserve board led by Volcker raised the federal funds rate, which had averaged 11.2% in 1979, to a peak of 20% in June 1981. The prime rate rose to 21.5% in 1981 as well, which helped lead to the 1980–1982 recession, in which the national unemployment rate rose to over 10%.

During his tenure as chairman, Volcker was widely credited with having ended the high levels of inflation.

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