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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
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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.