U.S. Federal Reserve Chair Jerome Powell, deeply mindful of Arthur Burns’ missteps and inspired by Paul Volcker’s tenacity, is fully cognisant of the historical significance of his role. I have consistently argued that Powell would benefit from studying William McChesney Martin’s tenure as the first post-Second World War Federal Reserve Chair in the 1950s. Martin adeptly navigated through a period of fiscal dominance, a pattern that is emerging once again. As Sir Winston Churchill implied, focusing on the wrong historical period can lead to policy errors and financial turmoil.