Former US Treasury Secretary Summers: The Fed Must Move Forcefully To Reduce Inflation

 Former Treasury Secretary Lawrence Summers remarked that the US Federal Reserve (Fed) policymakers need to take decisive action to rein in skyrocketing inflation when commenting on the Fed's course of action.

Key Quotes

"Our central bank must take decisive action,"

“He said it's "extremely doubtful" that the US economy will experience a soft landing and cast doubt on the chances of one.”

“When we've experienced this kind of circumstance before, a recession is highly likely.”

"When inflation has been high and our employment has been low, recession has almost always followed."

“We have a lot of options for containing or managing inflation.”

“But there will be a lot more suffering down the road if we go with the ostrich policies we had in 2021.”