Federal Reserve Chair Jerome Powell is trying to avoid emulating both the derided Arthur Burns and the celebrated Paul Volcker as he confronts intense pressure to rein in inflation and sidestep a recession. Ex-Fed chief Burns let inflation get out of control in the 1970s by failing to keep monetary policy tight enough for long enough to permanently beat back price pressures. Volcker then conquered double-digit inflation in the 1980s, but the victory came at an enormous expense: A painfully deep economic downturn that pushed unemployment above 10%. “Powell wants to write his own page in the history books as someone ... (full story)