The goal of the latest interest rate hike from the Federal Reserve? To avoid a deep recession “by acting with resolve now,” according to Fed Chairman Jerome Powell. But if history is any guide, this is a case of too little, too late.

A century ago, the Federal Reserve created billions of dollars for the government to spend on World War I, then led us into a recession in 1920 with steep interest rate hikes in its attempt to cool off the inflation that followed the war. This was the Fed’s first test of its ability to manipulate the economy at the expense of the average American, and it passed with flying colors.

E.J. Antoni is a Research Fellow for Regional Economics in the Center for Data Analysis at The Heritage Foundation and a senior fellow at Committee to Unleash Prosperity.