Economics
Summers Says Fed’s Record of Soft Landings Is Not Relevant to Today
- Previous instances saw Fed act preemptively, Summers says
- Former Treasury chief says slowdown needed to defuse inflation
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Former Treasury Secretary Lawrence Summers said that instances in the postwar period when the Federal Reserve achieved soft landings for the U.S. economy -- pulling down inflation without an economic downturn -- offer little comfort for policy makers’ task ahead.