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New Economy

Yellen, Summers Say Central Banks No Match for Savings Glut

  • Fed’s new inflation strategy not a ‘game changer,’ Yellen says
  • Summers says central banks too focused on domestic politics

The world is awash with too much savings and central banks don’t have the tools on their own to combat the economic stagnation that’s a result.

That was one of the conclusions of a high-powered panel at the Bloomberg New Economy Forum on Monday that included former Federal Reserve Chair Janet Yellen and ex-U.S. Treasury Secretary Lawrence Summers.