As of January 23, the Fed's balance sheet climbed by $48 billion to $3.01 trillion, according to a release from the central bank Thursday from its Washington headquarters. The recent moves by the Fed are being called the most revolutionary policy measures taken by the central bank since its inception, potentially second only to Paul Volcker in the 1970's. Volcker, the Fed Chairman from 1979 to 1987, raised interest rates as high as 22 percent during his tenure to end the stagflation that plagued the era and cool inflation.