Speech

Til VAC MIL - LSMBft WORT "F4UL fOLCXI»" OCTOtfft 10, It7f Any «nd all ••t«rl«l fro* this transcript a»st be «r«dlt«d to -Th« MacH«ll/l»hr«c t«»ort", MIT/TB1ITEM. »•» fork «4 WTA/26 COPTIICHT (c) 1979 IT IDUCATIOMAL IKOAOCAtTlMO COKPOtATlOV Matto«al tw—9 Co«c«et ««*« »i«hoU 4 P»bliC talacioo* 112/245-0440 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JIM LCHRER: His name is rani Volcker. Hn's Chairman of a Federal teserve Board which mede some decisions over the week end that today, among other thing* figured la oae of the moot chaotic f days ev«r on Wall Street. Tonight, we aok Mr. Volekcr whatvo go log on and why* (MUSIC) LEHRER: Good evenings It wee a day Wall Street will long remember* Blghty~two million aharea of stock changed handa on the flew York Stock Exchange. 16.000,000 more than on any other ono day in ita 1*S~ year history. The American txchenge eleo aet a record for oh area traded. There wee chaos on the floors of both all dayx the Hew York's new electronic trading system running more than an hour behind, one market analyst deecrlblag the atmosphere ae one of "restrained terror•* On the price side, the Dow Jonee lad as trial average waa down 25 points at one time. Late in the day it recovered eome loot ground and finally closed more than 8 points down. But of the more than 1.600 different stocks traded, ell bwt one hundred or so lost value. Most attributed today's tumult to Saturday** decision by the Federal fteoorve to tighten money an a way to curb Inflation. The stock market9* wee the most drsmstlc, but it wssn9t the only reaction. Commercial banks yesterday raised their prime Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis rate — what they charge their preferred customers — to a record 14.St. Thla waa followed today by predictions that email business will almoat immediately be enable to borrow money, and by January, people In at least 24 atatea won't bo able to aoemro homo mortgages. Overseas, the price of gold went op today and tho price of tho dollar went down. Just the oppooito of what they were auppeeed to do. All in all. a hectic and confusing day, *•« fourth in a row alnco the Federal teserve made it's movo. It's tho foar days later view of a man who started it all, Fodaral teserve Chairman Pawl Volcker, that we got tonight. lobert MacMeCl la off; Charlayno ttuster-Gault is in Mew York. Charlaynet """ CXAftLAYNC atJHTM-CAULT: Even before Paul folckor got tho number ono Job at tha Fed, he was considered tho second moat visible official in tho Federal Reserve system. Since 1975. he'd bean Chairman of the Iw York Fad, the operational arm of tho system. Prior to that, ha'd boon a Vail Street banker, and has served la top Federal Treasury posts in both Republican and Democratic adminlatrations. Mr. Volcker's broad financial experience, particularly In the area of foreign exchange, made him well-known in international financial circles. At tho time of his appointment as the Chairman of tho Fad, moat exports predicted ho would not make any radical changes In Fed policy. Jlmf LBBtBti tot X would guess, Mr. Volcker. that many of those exports are saying today that maybe they woro wrong. Vould you agrooT PAUL VOLCKBR: Well. I don't know whether these are radical changes in Federal Reserve policy in a very fundamental sense. He want to deal with this problem of inflation, and X think that intention waa perhaps reinforced in the public mind by the actlone we took on Saturday. But in a very basic aenoo, tho policy haa been there, and wo intend to carry it out. LKtttBR: Old you expect the atock market to react the wey It haa after your decision? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis VOLCKSt: Oh. I aertalnly thought there would be m reaction in the stock market. Whether you «k a« whether I predict a particular volume kind of day that we had, or * particular price performances, I don't think is the point. X think ch« point may to that we captured thoir attention; «« captured people1* attention, and I think that's conetractive in a sense, seeauea there's teen a lot of doabta, a lot of snxiety that this Inflation wan going to gat o«t of control, and It'a not going to got oat of control if wo do our Job, and we'r* attempting to do oar Job, and we'ra going to tara the corner on this inflationary process. LBHftSBz Yoa don't aee, than, the stock aarket reaction as something to got worried about at this stage. VOLCUti la. X think paopla era reappraising whet's been going on, and if people boaght stocks with tha axpactatloa of more inflation, la a senae they nay bo disappointed. But if people are baying stocks in teras of tha long-term future af the economy, X think withoat question, they ought to have more soafldaaci in the future. X think ultimately this is good for tha stock •arket. There's no question in ay ajind about that. •LIRRBk: it has boon four days now. Various reactions taken in a gonoral way or taken together — da yoa neve any saaaad thoughts about what yea decidodt*. (OVBRXALK) VOLCKBB: ... <Mo. not necessarily. One can novor anticipate proclae reactions, but we've been dealing with the calalaation of a lot of oconoalc difficulties over a decsdo or more. X think we've reached a point whero the anxiety about inflation had gotton very groat; I think i t 's racognlsad as oar uunber one problem; a lot of poople were akeptlcal about whether wa could deal with i t. X hopa they're less skeptical now than they were before, but when they were living in anticipation of inflation, and that beglna to bo questioned, which is fundamentally healthy, X suppose you expect some reappraiaai in the securities market when that happens. UHRSX: Was It a tough dedaloa to a eke for you personally? VOLCKBflt: Well, nono of these decisions arv aaay, bat X think it's — basically it's pretty clear that the situation required some action, and I think that what I've ruad in reaction to the decision, people I've talked to — X think that's a rather unanimous viow that some action of thlo sort was what tha sitoettoa called for. Alright. Thank you. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CharlaynsT HUNTfiR-CAULT; Mr. Volcker, in the simplest of t i m, what was your plea trying to accomplish? -. VOLCJCIK: ffell, you know, itfe somettoes hard to bo siaple in * field mm abstract aa money, but what we're trying to accomplish la a vary basic eense la to dsal with this Inflationary problem that9s gripped us for so** tine* In tko more immediate sense, what wo went to do is make sera that ths mossy aspply la under control, because that ultimately is rslatsd to ths lsflatioaary procsss. And slong with that, asssto thsrs Isn't an s*c«ssiv* axpansion off credit. Sow. 1st no naks claar that lt9s not our intention to shut off tho flow of credit, or shut ott tho flow of money. We would anticipate that a growing economy requires some sddltlon to tho money supply; it requires credit. But that should be kept In proportion to what the economy really neede. Wo don't vent to finance tho inflationary froth in the economy. HUNTS&-CAULT: Alright. Mow you Just mentioned that you plan to focus on the money supply, and that vas the most dremetic part of your etrategy tho most radical departure. Could you v explain exactly what that means, focussing on tho supply rather than on tho prlce which la Interest rstesT t VOLCKSR: Well, we get into s very technical area here, but we've been concerned about tho lncreaae in the money supply ss m normal part of our operation. He have changed tho techniques we've changed the emphasis by which no approach tho asms objectives that we had before. We've put more emphasis sn what you refer to mm the supply side. He controlled this because tho bulk off the money supply consists of bask deposits, and In * modern economy like ours* the flow off bank deposits or tko total of bank deposits la ultimately controlled- by how many reserves banks hold. And we can control the amount of reserves* That control to not perfect # but ws're putting more emphasis on controlling tho amount of reserves, which, iu turn~ controls the supply off money. f HUSTStt-GAULT* Veil, now how exactly will that Impact upon inflation and help you to achieve your goal? VOICKBS: Veil, you know there ~ the classic definition of Inflation is too much money chasing too few goods* and ultimately, mm we bring this supply of money into accord with the needs of a non-inflatlonary economy you achieve a proportion between the # Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Mount of money and the Mount of foods. And at that point, we can return to stable oeonoalc conditions «o far as inflation is concerned. How. we can't move there all at one etep, but I think tho actions oa Saturday r«itcrated o«r firm intentions to do so. L«t ma make ont point, too, upon which t think Chora's boon some aisonderstending.• Th« aonay supply has boon growing at an excessive rata. 1 think It'a fair to m»j. for throo or four nontha — five aontha. X would not nso tha words "ont of control," hot it*a boon growing at a rato of tan poreont or so. Is ono popular doflnition. that's too faat. if wo looked at it in tha perspective of a year. It's only hooa about SZ; it's actually ons of tho slowest rates of growth of thu aonay supply among aoat countriaa in thu world, to it haan't — X don't want to svggost that the difference la black and whita. miuTftftVCAQLT: 1 ana. This kind of atratogy that you've put into place on Saturday has boon recommended olnce — going back to 1973, but tlao and tloe again. It'a boon rejected. What warn tho reasons this approach waa rejected la thu pastf VOLCKIXJ Well, all approaches have their advantages disadvantages. Tha major reason wo changed now in this Immediate situation was the fact that the aonoy supply was Increasing quite rapidly, and the traditional approach which put more emphasis on short-run stability and interest ratea peril ape was not very useful during a particular period whun tho significance of the lcvul of Interest rates is auch harder to Judge, when the inflation rata Itself is high, and when expectetloos about inflation aay bo changing. Because ultimately, the level of Internet rates la related to thu inflation rate, and if inflation Itself is changing, or if people's fears about inflation are changing, that impacts the interest rate. It's a little harder to Judge what results you're getting from interest ratea alone, ao instead of saying — lookisg at the price of money and tho interest rate, let's look at the money supply more directly as a aattur of emphasis. HDHTB&-CAOLT: And the same problems that might have existed in tho past don't exist nowT V0LCKE1: Well, no — there's no complete certainty in this world, but wo think this is a technique which, under existing oircumet«no«s. offers grester assurance that the aoney aupply will be brought in line with our targets for this year. Taoee target a have not been changed; they were out first a year ago; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis they wn cvvitwd tn th-a middle of the year —what wo want Co do la coma with In those targets. Wo *r* oat far outside of those tar gat a. Va had a period of alow growth; then, aiore recently* a period of rapid growth — we want to go la between. HUNTBR-CAtfLT* Than* you. Jlwt LBHBB&z Mr. Volcker. iatfa talk about what's happened ao far. Juat la the laat four days- We've already talked about the atock market; you donft aee a big concern there* You think they'll come to their aeaaee up thara in Row York, and everything will bo flaof V0LCKE1: Well, 1 mm t wouldn't aay that 1 am ever without concern about development* la financial markets, but I do think there la a reappraisal of values going on. Ultimately I think this should bo positive, becsuss the more stability we get in thin economy, tha more certainty thoro Is about our own policies. I think then we have a base for Judging thoso values better, and 1 think it's good for the growth of tho country In the long run. and will be good for tha atock market for that reason* The stock market has bean depressed for years bocause of fosrs about Inflation. Unless we dest with that Inflationary problem.•• UEHBBBs ...But you wouldn't*•» FOLCKBR: ...the fear that's plaguing the market ought to bo dissipated. LSI!tea: But you wouldn't — then you wouldn't road what has happened tha laat three days on the stock market as a sign that those on Vail Straot aren't real sure that your plan Is ftolag to work? VOLCKBR: Hall, you know, there ara a lot of skoptlcsl psoplo on (fall Streets thoro are a lot of uncertain people. I think it's Inevitable whan wo maka some chsnss of this sort ~~ and perhaps aome actions were taken that people didn't fully anticipate —-» there la a period of uncertainty, in one sense; that^s unfortunate. In another sense, let mo say If they*re more uncertain now about tha outlook for Inflation, I'm not unhappy about that. X think they ought to bogln questioning some of thoe* assumptions they made about persistence of inflation and the inevitability of inflation. LEHRERx Alright, now, on stabilising th« dollar abroad - that was another purpose for your actions -~ Monday and Tucsdsy that's just what happened. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis V0LCK81: Right. LEHRK1: T__he_ price of the dollar went sp. bat today, Ch« w prle« went bac'kk ddoowwnn .. UWhh «y. .. (OVBRTALK) : VOLCKIBs ...It 414a't go back down nearly «s far as it went up. lat ae aaka elaar an that. Va ar« dealing vita aarkata that haver a Ufa of th«lr awn; a lat of people out there are trading currencies. X 4an*t expect that aarkat to be flxad every day. Va hiad a vary aharp and good raactloa in the exchange aarkets; tada> it ratraated a btt. bat the dollar laoka • lot better to M tadav Internationally than it did a week ago, or before the waak and.! or two weeka ago, and better than it'a lookad for aoae tlae in tjtraa of the beelc prospect a. ! LBMKSB: And in ther abort tarn over the next faw days and weeks, you plan to — you axpact it to remain wore stable than lt'e: baaa. • VOLCKBRi 1 think the outlook for the dollar should bo atroigar than It waa. We're going to gat aoajo day to day aoveaeat in t 1at aarkat* I saspect... IBNRBR: ...Op and down... !VOCKB«s ...an4 the market will bo probing for a stable tradfng level. Aa they adapt to their new expectatlona, yoa can expect some upe and downs on particular daya, bat la the and* I think — wall, there'a Just no question that this klad af aaasara helpf the dollar. 1 LSMftBR: Sane thing with goldT Obviously, In gold yoa want tha rice to go down... VOLCKBRx ...gara... .LBM1BR: ...but now it want up. : JVOLCKBtt ...but gold l a . .. JLBM1EB: And it did tha aaao thing — It flip-flopped. jVOLCKEfti It'a a very special kind of highly speculative market,, aa yyo u know. The ggoolldd mma rket hhaass. .a aaaooaagg ooththere rt htihnigngs,s ,a a lot ** vvessttde d IIt ntwrcstab biulti ltIt Inti o ithj there arel a loft of people In t at aark«t whose — who'd Ilka to see it go epj their careers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis kind of tied up la that prospect, so you expect sometimes •rat •on sccragi reectloas la that market. But again, the fold market 1 t ink th« ri«« la the gold market, the r««aon it wont up and the r«««oa it had a fartilo ground apon will en to MV«, were these anil ctlca about inflation. Cold has no raturn in and of itself; only buy gold If yon expect th« pcic* atill to go op farther, JTOU Vhy should tha prico go ap further unless you're fearful of luf atioa? Our purpose is to deal with tho*« — tha realities of iuf atloo, and tho expectations of inflation, aad woBll Just have to at tho gold market react Co that. LBRftftK: Have you got a — docs a daagar oxlst now of a psychological chain raaction that thoso p«opl« la tha dollar aad la tjha gold aarkat alght roast to what happened today ia Vail ftrfent tomorrowf VOLCUK: H«li, t — l doa*t taka tha roactioa ia Vail Stnjut as any reason to change tho basic appraisal* about tho prograa. thuro's a lot of sailing ia Vail ttraat; thoro was aa rtx 1 lot of buying. As you pointod out, tho prico want down rat I or sharply at oau poiat during th« day, and spout aost of tha aft 4 rnooa going up almost equally sharply. Tharo wore • lot of buy<rs aad aellers who were oortiag out their expectations, bat thatj *« P*rt of tho process. The baslo point, which X really have not hoard questioned, is that tha kind of aetloaa that wo took do go to the heart of the inflationary problem. I LBMlBKi Thus far. have you been satisfied, pleased, displeased, or uhatever. in tarns of what the banka have done ia reaction to what) you did oa Saturday? Are they playing the gaae tho way you waatad them to play It? VOLCK8&: Hall, the banks, of course, are a little confused aboujt how to adapt to some of our particular measures. That's quits understandable; some of them are quite technical, so there hove1 been some gyrations In the money narket. tasically, nothing has liappened thore that's out of line with what might have been expa'eted. •at I would make a point here. Tha banks have, in a eease. a heavy responsibility thruat upon them. Ve are looking to curtail their rate of expansion. In terms of the banking industry, slowing the growth of the money supply aad slowiag tho growth of bank, credit means you're curtailing their rate of expansion, and they) should be lending at a less rapid speed than they have been, and f. think their responsibility in their job, their normal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis wording Job — thoyvrv tha paoplo ia a poaltloa to do it; wo roly upod thoa working within tho market — to oort out tho demands forjcrudlt to put emphasis oa thoir customer aaeda» thoir continuing t euetjoaer nooda for financing expansion, thair poraonal customer |g, and gort out tho loano that ara ugaful la that sense from some of tho onea that may ho financing moro purely gpoeulatlva rttjvity. which la not vory helpful, to tha country or to tho cmatjooars la tha long run* I would ougguat. LSME8E: Thank you. Char lay oaf HOHTIE-CABLT: Mr. Volcker. lot9a look at aomo of your policies ovar tho long run. What9a your reaction to tho prediction of ^offie acoaomlata that wo9ru haadlng toward a particularly naety VOLCKSE: Hall, thara'g b««n a lot of talk tbont racaaalona for aontho, aa yoa know. Vovv« had a, hj hlatorical atandarda a v vory long parlod of huolnmmm axpanalo*. and at thia point for a v •ariaty of raagona, rotall aalaa bmvw alowad dovn, although tha latagt flgnraa look pratty good and tharavg boon aooa lavantory 9 l u p. Thla la tha kind of clrcuaatancu milch la ado to cone am abotft a r*c*salon and X ah ara that ooacara. Bat 1 alga havo tho t atrong conviction that, la tarma of tha growth and at ability of tho aconomy ovar a parlod of tirna, tho groatoat dangar la lotting this inflation* or would hava baan lattlng thia inflation gat out of MlftfTEB-GAULT: So you donft agree with Secretary of tho Treasury Hiliar who eaya wo9ro half-way through a receaetoa. I VOLCKfiEz That's one way of putting it; wo have had aomo declines in business activity; la tha second quarter wo had a and la the third quarter, tho lataat figures look good. 1 think that necessarily maang wo will not hava a decline in fourth quarter — that9* what Secretary Millar hag referred I donft think ltfa nucaaaary or pre-ordained or changed hy t this! program. If tho recession — if ladood it finally provaa to bo 4 recession* wo9il bo — I was about to aay wa serious matter•' Eacekatono era always a sorlouo aattar« but something that wo can now((?) got through la a reasonably orderly way. HUNTfiR-CULATx Do you — huw high do you think unemployment ia lfiLkaly to got Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 10 I VOLCKBRx I haven't got any particular estlaatei I — obvloualy if (business turns down, uneaployaent will rise. That has been the general prediction. X point out again that it's been the prediction for a good aany eon the, and the last enampleyBeat figure wo had was among the best we have had. HUHTSR-CAULTi Tea. but we have... VOLCKER: ...taployaent in at an all-time high. MUHTIR-CAULT: Right, but they... VOLCKtRz ...I w«n and«rstand tho forecast that baslaese •a; decline, and — l*a not toying thla month. no«t math — but •OBo or theae inventories mmy b« worked down} that nay havo aoao effact* on production; onvrnploytstnt woo Id go op. bat X havon*t got any lnalght aa to any aoro than a graat aany oconoalata who you can talk to aboat Just wfc«r« tho naamployaant rato aay go. It s boon surprisingly strong in tho s«na« of balag avrprlalngly goe ao far. HUttTSl-CAOLTi go you wouldn't put any credence in the prediction that it eould reach 9Z by mid-lfgO. VOLCKER. Veil, I'a not going to aake s particular prediction on Yhe unemployment rote. NWTSR-CAULT: Sow high does it have to go before it becomes s bagger threat than the 13% inflation rat at VOLCK8R: X don't aee thia as an eithar-or proposition, and th la, I auppoaa, the baalc point* If inflation got out of it'a quite clear that that would be tho greatoat threat to the; continuing growth of the economy, to the productivity of the eco iooy, to the lnvoataent environment, and nltlnately, to eaployaent and the ultimate threat of the greateat level of oneaployaent. How I'a not aaying that unemployment will not riee. l*a aaying * s eater threat over a period of tlae would coae froa felling to with inflation rather than efforta to deal with it. How. dea can continue — we can't forget about the seed to keep tha rth and money restrained; we can't forget about the federal gro [at, even during receaelon periode. That doee not mean that bud treat rataa would not go down. When the aoney aupply coaes int »r control, when there's a sense of inflation coming under UQd roi. the aoat natural thing in the world would be for interest con a to come down. The aooner that happens in a real eeae*. the rat ler 1 would be. hap Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 11 MUNTSt-CAULti What do you... VOLCKBS: ...It's not going to happen if inflation goee «P fore or* It9o aot going to go op forever. MUBTEl-CAlfLTs What do you aay to eritlco who chargo that your atratagy ia going to create a credit cruncht VOLCKSR: Well, I — thia word "credit crunch" ia not a word that I use. I — credit will ho available. Vo arc not catting off ome growth, orderly growth, moderate growth in thn anpply of ered t. Thar* will bo enough credit to finance orderly business toenta. orderly fcuelneee expansion* Onr vholo tactic, our who I strategy la aimed in thn direction of providing growth in cred t hut Uniting excess. t HOHTEa-GAULT: Von9t that hit sone custoaers harder than othe at VOLCKBR; In the short run, an this gets sorted oat* some peop e are going to find credit perhaps harder to bay than they did afore. MUHTgR-GAOLT: Any particular category of people 0T class of • • VOLCtCCR: X think that will bo worked out through tho market proc is. t wouldn't like to divide it up by categories of people; lfd ether divide it up by categories involving need. Where ther is a legitimate need for credit* whether it's by a homo buyc by a consumer, or by a business man in terms of his ordinary v oper it ions, 1 hope he gets the credit. If hefs out to finance spec latlon in the gold market, to take an extreme. 1 would think that that is not a priority une of credit at thin point* or to final ce speculation in commodity markets. We have aome evidence of atme speculation in commodity markets before tho programs that kind of speculation gets financed in part by credit, too. How. that is not a priority use of credit in the prnsnnt circumstance. HUNTfta-CAULT: Thank you. Jim? LfiHREtt: Mr. Volcker. you did talk to the tmeidant or Seer tary Miller before you made the decision and made tho announcement on 8 iturday. VOLCR&R: Yes* you're right. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 12 LBRRIR What was their reaction? "Right on. Mr. folckar"T VOLCKBft: Veil. I — nobody goes into actions like this wit • I suppose, the happy aplrit of "right on." X think there la. i general recognition of the need for actions of this type; X thi k the President's comments last night, the comments of the •dm nlftration earlier, tho comments of iacr«tary Millor have ind cated their fullest recognition snd support of this problam. LSRRER: There was mt item in "Tho Vow York Times." I'm sure you re swars. which ssld that when you mot with then, yon threatened to eaign if they didn't go along. VOLCKXR: That was absolutely nothing to that story, and tho kin of indications, so X say. the Presidont made last night ind cat a his own priorities in this area. Jtow. lot me ssy thst monetary policy alone, while it's a Important issue, isn't the whole answer to this Inflationary lea. snd the kind of reatrsiats on spending that has boon g on the lost couple of years is very much underrated, I k. by some people, but it's very real. The budgetary deficit boon brought down quite sharply, and when — you can sit hero say you'd rather not oee a deficit. I'd rather not see a cit, but lot'a not overlook the progress that's boon made. The President slso said yesterday that wo*vo got to keep la Bind that one o£ tho major causes of inflation is fuel, over which... VOLCKER: ...there's no control, tight. IBHR8R: ...wo do not agree(T). Also food is another major causa of inflation. VOLCKSR: When you say "over which there is no control"... LtttRERi ...1 na«n. monetarily. VOLCKSftx Veil, to a substantial oxteot that is true. But let' i not forgot that even the increases in energy prices are not something going on out there in a completely different world, Th« producers are looking at inflation la the rest of the world; they 're looking at inflation in the United States; they're looking IO value of the dollar; we can deal with those things, and it at t a better outlook for energy prices than wo had before. •efce Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 13 IXHRSK. And • diff«r«at kin* of producer •«• j«st iaforacd t'n out of da«. (LAUGHTER) itRHBR: Thaok you v«ry much. Cood *iglit Charlayav. c KUOTS1-CA0LT: Cood Bight. 41B. LtMKIlx »«*ll s«« you tomorrow nifht. I'a Jla L«hr«r. Tti«nk you, and food might. (MUSIC) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Paul A. Volcker (1979, October 9). Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/speech_19791010_volcker

@misc{wtfs_speech_19791010_volcker,
  author = {Paul A. Volcker},
  title = {Speech},
  year = {1979},
  month = {Oct},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/speech_19791010_volcker},
  note = {Retrieved via When the Fed Speaks corpus}
}