As we move into the new year, we wanted to check in on a persistent economic condition that's likely to impact the U.S. and the globe: inflation. On today's show, Neil Irwin, chief economic correspondent at Axios, discusses how Reagan era Fed chairman Paul Volcker reduced high inflation 40 years ago by jacking up interest rates and muddling through a recession. With an almost opposite economic landscape leading into 2022, current Fed chair Jerome Powell might need to pull off a tricky reverse of that strategy.