What were the interest rates in 1979?

In 1979, interest rates in the United States were notably high due to rising inflation and economic uncertainty. The Federal Reserve, under Chairman Paul Volcker, began implementing aggressive monetary policies to combat this inflation. As a result, the federal funds rate peaked at around 20% by the end of the year, leading to significantly higher borrowing costs for consumers and businesses. This period marked the beginning of a tight monetary policy that would continue into the early 1980s.