One minor note about Paul Volker: he was a Democrat. He was Fed Reserve chair from 1979 to 1987. In 1980 the Fed dropped rates in an effort to help Jimmy Carter. In 1981 it raised rates in an effort to hurt Reagan. 1982 midterm elections were bad for Reagan. Democrats were hoping he would lose in 1984. By trying to hurt Reagan, Volker actually helped Reagan curb inflation by mid 1983 and the economy grew by 7 percent in 1984. Morning in America again: Reagan won 49 states in 1984.

update: https://www.thebalancemoney.com/fed-funds-rate-history-highs-lows-3306135

see how rates increased dramatically after Reagan won in Nov 1980