Taking expected inflation into account, the level of the federal funds rate in real terms — what economists call the real rate of interest — is now negative. The last time the level of real interest rates was this low was in 2003-2004. But that was a different time with a different concern — deflation — and monetary policy was intentionally seeking to prevent prices from falling. Recently, we have had reason to be worried about rising inflation, not declining prices. Thus, comparing the nominal funds rate today with the stance of policy in 2003–2004 is like comparing apples and oranges.

Somehow poor and wretched Volcker--never knowing where he stood on any issue--had succeeded in instilling an irrational fear of gold in his tyrannical master {John Connally}, whom he tried constantly to please by catering to his hatred of foreigners (particularly the French) instead of his capacity (not inconsiderable) for straight reasoning.

As cited in Volcker, the Triumph of Persistence by William L. Silber