In the early 80s Fed Chairman Paul Volker jacked up the interest rates during a mild recession by over 100% to a high of 21%. The result was a lasting recession worse than what we saw in 2007-2008. He did that as shock therapy in order to ready the country for neoliberal Reaganomics. Current Fed Chairman Jerome Powell just promised to do the same thing at Jackson Hole, I believe for the same reason.