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Summers Sees Recession Chance Up to 40% as Soft Landing Elusive

  • Former Treasury chief says labor shortages worst in lifetime
  • Unclear whether U.S. will return to secular stagnation
Bloomberg business news
Summers: A 'Jolt' Is Needed to Restore Fed's Credibility

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Former U.S. Treasury Secretary Larry Summers said inflation has become entrenched, lowering the probability that the Federal Reserve will be able to tame price increases without causing a recession.