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Summers Says Powell ‘Did What He Needed to Do’ in Jackson Hole

  • Fed chair’s speech was a ‘statement of being resolute’
  • Former Treasury chief has criticized Fed for inflation surge
Bloomberg business news
WATCH: Larry Summers was pleased with Powell’s speech.Source: Bloomberg

Former US Treasury Secretary Lawrence Summers handed out some rare praise for the Federal Reserve, saying Chair Jerome Powell’s latest pledge to restrain inflation was a “statement of being resolute.”

Shortly after Powell spoke to fellow central bankers at the annual symposium in Jackson Hole, Wyoming, Summers said the policy maker “did what he needed to do” and that it was clear the Fed’s “overwhelming priority” is pulling back inflation from the fastest pace in four decades.