Federal Reserve

Volcker took the top job at the Federal Reserve in 1979, at a time when inflation was spiraling out of control. He is credited with taming it.

The Federal Reserve cut interest rates by a quarter percentage point Wednesday, in an effort to support an economy that continues to tap the brakes. Economic growth in the third quarter was just 1.9%.

The quarter-percentage-point cut will lower borrowing costs for households and businesses. The move is an effort to prolong the decade-old economic expansion in the face of rising headwinds.

The quarter-point cut signals growing concern at the Federal Reserve about a slowdown in the economy amid the trade war with China. The Fed last cut rates in 2008 and raised them as late as December.

The Federal Reserve chairman is testifying before Congress this week about challenges the economy faces. Stocks rallied in anticipation the central bank will lower interest rates later this month.