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Paul Volcker. Photo: Monica Schipper/Getty Images

Former Fed chair Paul Volcker died Sunday at 92 years old, it was announced yesterday. It reminded me of comments current Fed chair Jerome Powell made about him at the National Association for Business Economics conference in October.

Powell said of Volcker: "I don’t think there has been a greater public servant in our lifetimes."

The big picture: Volcker is best known for having the will to drive the U.S. into a recession in order to battle inflation, which he called "the cruelest tax" because of the pernicious way it could hurt the nation's poor and elderly.

  • He served in the Treasury Department under Presidents Kennedy, Johnson and Nixon before moving to the Fed.

Background: Powell said he first met Volcker when he was an assistant at the Treasury Department in the early 1990s and that Volcker, despite Powell's then-minimal profile, "couldn’t have been nicer and more interested in helping me and supporting me. He was a great person to know."

  • Since leaving the Fed, Volcker made a point to speak out against corporate greed and on behalf of reining in excesses on Wall Street.
  • He was a strong advocate for common-sense reforms and regulations that benefited regular people at the expense of big business and profits.

Where it stands: After being named Fed chair, Powell was seen numerous times with Volcker's memoir, “Keeping at It: The Quest for Sound Money and Good Government.”

  • "I actually thought I should buy 500 copies of his book and just hand them out at the Fed. I didn’t do that. But it’s a book I strongly recommend, and we can all hope to live up to some part of who he is."

Go deeper: Former Fed chairman Paul Volcker dies at 92

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  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
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  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."
  7. Sports: High school football's pandemic struggles.
  8. 🎧Podcast: The vaccine race turns toward nationalism.
Dan Primack, author of Pro Rata
Updated 4 hours ago - Economy & Business

Dunkin' Brands agrees to $11B Inspire Brands sale

Photo: Alexi Rosenfeld/Getty Images

Dunkin' Brands, operator of both Dunkin' Donuts and Baskin-Robbins, agreed on Friday to be taken private for nearly $11.3 billion, including debt, by Inspire Brands, a restaurant platform sponsored by private equity firm Roark Capital.

Why it matters: Buying Dunkin’ will more than double Inspire’s footprint, making it one of the biggest restaurant deals in the past 10 years. This could ultimately set up an IPO for Inspire, which already owns Arby's, Jimmy John's and Buffalo Wild Wings.

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Federal judge halts Trump administration limit on TikTok

Illustration: Aïda Amer/Axios

A federal judge on Friday issued an injunction preventing the Trump administration from imposing limits on the distribution of TikTok, Bloomberg reports. The injunction request came as part of a suit brought by creators who make a living on the video service.

Why it matters: The administration has been seeking to force a sale of, or block, the Chinese-owned service. It also moved to ban the service from operating in the U.S. as of Nov. 12, a move which was put on hold by Friday's injunction.