Former U.S. Treasury Secretary Lawrence Summers warned that the Federal Reserve will likely be pressured into raising interest rates sooner than markets expect, and perhaps as early as next year.
An overheating economy and rising prices could force the Fed’s hand, Summers said in an interview with David Westin for Bloomberg Television’s “Wall Street Week” to be broadcast Friday.
Summers, a top official in the past two Democratic administrations, has emerged as one of the leading critics among Democrat-leaning economists of President Joe Biden’s $1.9 trillion pandemic plan. He’s argued that the measure will pump too much cash into the economy, pushing it past capacity limits and triggering inflation,
→ Continue reading at The Spokesman-Review