
March 18, 2022—William McChesney Martin Jr., former Federal Reserve (Fed) chair from 1951–1970, is credited with the now-famous “punchbowl” analogy, referring to the Fed as “the chaperone who has ordered the punch bowl removed just when the party was really warming up.”1 Today, the Fed finds itself in the position of taking away the punchbowl again, but in the midst of a party that has been raging, rather than just warming up.