The ghost of the early 1980s recession is haunting the Federal Reserve. With inflation still near 40-year highs and the U.S. economy slowing, the Fed’s aggressive rate hikes have fueled concerns of a central bank-induced recession akin to the one triggered by former Fed Chairman during the 1980s. While Volcker’s rate shock ended two decades of rising inflation, it did so at the cost of a severe recession. Fed Chairman Jerome Powell has frequently praised Volcker’s refusal to back down and...