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New York
CNN Business
—
Former US Treasury Secretary Larry Summers said on Tuesday that the growing chorus of economists and politicians urging the Federal Reserve to pause its aggressive rate hikes in order to fight inflation are misguided. Those critics say that the Fed could throw the economy into recession, but Summers argued there’s a much greater risk to the economy that the Fed is not doing enough to bring down prices.
“I look at economic history and I see that there are many times when the Fed didn’t do enough and so inflation re-accelerated, but I can’t find any times in the last 60 years when the Fed did too much,” Summers told CNN’s Wolf Blitzer on “The Situation Room.”
“Even if there is a downturn or recession, I don’t think there’s any reason to think that the Fed has any real prospect of pushing inflation durably below [their stated inflation goal of]…
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