Ex-Treasury Secretary Sees Recession Coming and It Will Not Be Mild
Former Treasury Secretary and National Economic Council advisor Lawrence H. Summers sees a recession coming and that it will not be a mild one.
Summers, in an interview with MSNBC on Dec. 15, said that the Federal Reserve will have to face a recession in the end if inflation is to come down.
He was speaking a day after the Fed released its latest policy announcement on Dec. 14, with a slowdown in benchmark rate policy with an increase of 50 basis points, after four consecutive months of 75 basis point hikes.
The central bank also suggested further rate hikes into next year with no cuts in the fed funds rate until 2024….