"Double-digit inflation is a terrible thing - and it got up to 14 or 15 percent on a monthly basis for a while, shortly after I became chairman of the Fed"

Paul A. Volcker was the Chairman of the Federal Reserve from 1979 to 1987. In this quote, he is referring to the duration quickly after he became Chairman, when the inflation rate was at an all-time high. Double-digit inflation is a major economic concern, as it implies that rates are increasing at an unsustainable rate. During this duration, the inflation rate was reaching as high as 14 or 15 percent on a monthly basis. This was a tough time for the economy, as it triggered a reduction in customer costs and a boost in unemployment. Volcker had the ability to bring the inflation rate to a more manageable level through his implementation of tight monetary policies. His actions helped to support the economy and bring back confidence in the monetary system.