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Former Fed chairman Paul Volcker dies at 92

Volker.
Photo: Monica Schipper/Getty Images

Former chairman of the Federal Reserve Paul Volcker died Sunday at 92 years old, according to the New York Times.

The big picture: Volcker was known for leading the Fed's aggressive campaign to bring down inflation throughout the late 1970s and early '80s. He served in the Treasury Department under Presidents Kennedy, Johnson and Nixon before moving to the Fed. President Carter nominated him to be chairman in 1979, and President Reagan re-nominated him in 1983.

  • Volcker's family has not confirmed the cause of his death. He had been treated for prostate cancer in 2018.

Our thought bubble, via Axios' chief financial correspondent Felix Salmon: "Volcker will go down in history as a dedicated public servant and as the last uncontroversially great Fed chair. No financial technocrat alive today has his moral stature."

Go deeper: The market will need the Fed again in 2020