As former Chairman Paul Volcker put it at the height of the Great Inflation in 1979, ‘Inflation feeds in part on itself, so part of the job of returning to a more stable and more productive economy must be to break the grip of inflationary expectations.’

Source: https://www.forbes.com/sites/joshuapollard/2023/03/13/silicon-valley-bank-failed-on-friday-and-the-government-crafted-a-new-rescue-plan-on-sunday-here-are-4-things-that-small-banks-must-do-now/

In fact, this was a major problem that Paul Volcker confronted in the late 1970s and early 1980s.

Source: https://www.lewrockwell.com/2023/06/doug-french/after-the-debt-ceiling-deal-look-for-liquidity-problems-in-the-markets/

In the 1970s, Fed chairman Paul Volcker famously used monetary policy—specifically a campaign of rapid interest rate increases—to erode the bargaining power of labor as a means of taming inflation.

Source: https://phys.org/news/2023-09-delicate-central-bank.html

Paul Volcker proved that four decades ago when he pushed the real Fed funds rate north of 8.0% before he finally broke the inflationary momentum.

Source: https://www.lewrockwell.com/2023/05/david-stockman/why-grandma-yellen-must-be-forced-to-prioritize-spending/