"US inflation, which peaked at 14.8 percent in March 1980, fell below 3 percent by 1983...Volcker raised the federal funds rate, which had averaged 11.2% in 1979, to a peak of 20% in June 1981" [1]. For comparison, we're currently around 8.5% [2] and 0.75% to 1%, respectively. Long-term rates are below 4% [3].

There is no need to tip the economy into a recession at this time. If we needed to, the constraint would be--as it was in Volcker's time--political. If we were suffering double-digit inflation, I suspect the will would be there.

[1] https://en.wikipedia.org/wiki/Paul_Volcker#Chairman_of_the_F...

[2] https://fred.stlouisfed.org/graph/?g=rocU

[3] https://home.treasury.gov/resource-center/data-chart-center/...