Economics

Summers Says Fed Needs to Take Strong Action to Curb Inflation

Former Treasury chief says US unlikely to see soft landing
He also says there is a high likelihood of recession in the US

WATCH: Former Treasury Secretary Lawrence Summers says US lawmakers should consider raising taxes to aid the Federal Reserve in its fight against inflation. Source: Bloomberg

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By Isabelle Lee

July 24, 2022 at 4:28 PM UTC

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Former Treasury Secretary Lawrence Summers said Federal Reserve officials need to stay the course to quell inflation that’s proving persistent at a four-decade high.