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Summers Argues a U.S. Recession Is More Likely Than a Soft Landing

The former Treasury secretary contends the Fed made a lot of mistakes in 2021, but is now getting better.

Larry Summers

Larry Summers

Photographer: David Paul Morris/Bloomberg

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Last year, Larry Summers famously shot down one of the Federal Reserve’s favorite buzzwords, “transitory.” This year, he’s taking aim at “soft landing.”