Throughout the history since 1950, the Fed funds rate reached several relatively high points, including 9.19% on September 1969, 10.78% in September 1973, and 12.92% in July 1974, mostly to combat the high inflation. After 1974, the Fed dramatically decreased the funds rate at 4.65% in 1976, showing a relatively stable rate at a low level from 1975 to 1977. Then, the rate began to increase, and reached the highest point of 19.08% in January 1981, when Paul Volcker became the chairman and raised rate to control the inflation. After 1981, there was a downward sloping of the rate, and it decreased again since 2000, to combat the 2001 recession. Then, it increased to 5.25% in August 2006; however, it decreased drastically again from June 2007,