An article in the Wall Street Journal on former Fed Chair Paul Volcker notes that “among his bold moves, Mr. Volcker raised the fed-funds rate to an unprecedented 20% to contain double-digit inflation.” In July 2019, the federal funds rate was 2.4 percent. Why did the Fed under Volcker’s leadership raise the rate to 20 percent? Did Volcker achieve his objective in raising the target for the federal funds rate so high? Briefly explain.