Paul Volcker: "There was no reason for me to believe that further steps to tighten could not be taken when and if I was prepared to make the case for them. But the press and the market didn't see it that way. To them, the split vote spelled hesitation and left the impression that this would be the board's last move to tighten money. The whole maneuver was therefore counterproductive in seeming to send a message that inflation could not be, or would not be, dealt with very strongly. That made a large impression on me because it was further confirmation of what I had long sensed. After years of failed or prematurely truncated efforts to deal with inflation, markets had developed a high degree of cynicism about the willingness of what they dismissed as 'Washington' in general, or the Federal Reserve in particular, to stand firm. In market talk, we always seemed to be 'behind the curve', reacting too slowly and too mildly only after the evidence was abundantly clear, which by definition was too late." -from "Changing Fortunes"(𝐓𝐗𝐌𝐂)